Rupee rises 44 paise to 94.92 against US dollar during early trade
The rupee appreciated 44 paise to 94.92 against US dollar in early trade on Wednesday, supported by Reserve Bank of India interventions designed to ease near-term dollar demand and limit speculative foreign exchange exposure.
Forex traders said the USD/INR pair, which has gained nearly 2 per cent in the last three trading sessions, opened on a positive note on Wednesday, largely driven by regulatory measures implemented by the RBI to limit volatility and curb speculative trading.
A sustained move below the 95.00 threshold opens potential toward 94.50, but ongoing external macroeconomic pressures are likely to temper further gains, they said.
At the interbank foreign exchange market, the rupee opened at 95.05, then gained ground to touch 94.92, registering a gain of 44 paise over its previous close.
On Tuesday, the rupee strengthened for the third straight session and appreciated 42 paise to close at 95.36 against the US dollar.
Meanwhile, Finance Minister Nirmala Sitharaman on Tue
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