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Rupee Rises 20 Paise to 94.25 on Oil Drop, Inflows
The rupee snapped its losing streak, rising 20 paise to 94.25, as Brent crude fell to $72 and foreign investors returned. Key support at 93.50-94.10, says Pabari. A break above 94.80 opens 95.30.
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The rupee rose 20 paise to 94.25 against the dollar on Monday, recovering from its Thursday close of 94.45. The gain was helped by a slide in Brent crude to $72.51 a barrel and a pickup in foreign portfolio inflows, traders said. The currency opened at 94.36 and strengthened through early trade, snapping a run of losses that had pushed it to its weakest since March.
A sustained break above 94.80 would confirm the bullish setup, said Amit Pabari, managing director at CR Forex Advisors. The near-term support zone is 93.50–94.10, he said. The immediate headwind is the dollar itself, which held near a 13-month high at 101.37 on Monday.
The oil link matters because India imports the bulk of its crude, Pabari said. "Brent crude has slipped to around $72 per barrel, its lowest in four months, after falling more than 10% in just one week. Tankers are moving freely through the Strait of Hormuz again, and Gulf supply is returning to normal. For a country that imports most of its crude, this means a lighter import bill and softer dollar demand."