The Indian rupee strengthened by 22 paise to reach 89.45 against the US dollar in early trading on Monday, bolstered by positive inflows from foreign funds and a favorable trajectory in domestic stock markets.
Forex analysts pointed out that strong corporate dollar inflows and Brent crude oil prices hovering close to $60 a barrel further enhanced investor confidence.
In the interbank forex market, the rupee commenced trading at 89.53 against the dollar but subsequently gained ground, peaking at 89.45, which marks a 22 paise increase from its previous close. On the preceding Friday, the rupee had appreciated by 53 paise, closing at 89.67.
According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the USD/INR pair has surged around 2 percent from its recent lows yet remains about 5 percent lower year-over-year. He remarked on the ongoing depreciation trend despite a short-term consolidation phase.
The dollar index, reflecting the dollar’s strength against a basket of currencies, was up by 0.04 percent at 98.63, while Brent crude traded 0.83 percent higher at $60.97 per barrel. Reports indicate that the RBI’s interventions last week helped the rupee rebound from recent lows.
Tax Concept is a dedicated team of financial writers, legal analysts, and tax professionals committed to breaking down complex Indian corporate updates. From real-time GST amendments and crucial Income Tax judgements to EPFO schemes and corporate law updates, TaxConcept serves as a reliable, authoritative guide for chartered accountants, businesses, and everyday taxpayers seeking absolute compliance clarity.