Indian Rupee gains 12 paise to reach 94.72 against US Dollar

During early trade on Tuesday, the Indian Rupee appreciated by 12 paise to reach 94.72 against the US Dollar. According to a report by Business Standard, this increase in the value of the Rupee was observed due to an increase in foreign fund inflows into domestic equities and a decline in crude oil prices.

The Rupee opened at 94.68 in the interbank forex market and subsequently strengthened to 94.60, before finally trading at 94.72. This figure is 12 paise higher than its previous closing price. Notably, on Monday, the Rupee closed at 94.84, down 8 paise, while in the preceding Friday's session, it had seen an increase of 50 paise.

According to forex traders, investors worldwide remained cautious due to the strength of the Dollar ahead of important midterm elections in the US, which limited the gains of the Indian Rupee. Meanwhile, the US Dollar Index, which measures the strength of the Dollar against six major currencies, traded at 101.65, up 0.03 percent.

The global oil benchmark Brent crude futures were trading at 104.76 dollars per barrel, down 0.01 percent. According to analysts, hopes have arisen that new talks between Iranian and Qatari officials will resolve the war in West Asia and stabilise the global energy supply, leading to a decline in oil prices.

A rally was also witnessed in the domestic stock market, where the Sensex rose by 551.77 points or 0.73 percent to reach 76,244.55, and the Nifty rose by 129.60 points or 0.55 percent to reach 23,570.40 in early trade. According to exchange data, Foreign Institutional Investors (FIIs) were net buyers for the second consecutive day, purchasing equity worth ₹3,114.68 crore.

The Indian Rupee was the official currency of India, the former Dominion of India, and the British Raj. One Rupee consists of 100 paise. The Reserve Bank of India controls the issuance of this currency under the powers conferred by the Reserve Bank of India Act, 1934. As of April 2025, it was the 11th most traded currency in the world.