Rupee Rises 31 Paise to 95.12 as Brent Slumps, Dollar Softens

Foreign portfolio investors bought a net ₹277.48 crore in equities on Friday, exchange data showed. India's foreign-exchange reserves rose $6.118 billion to $682.354 billion in the week ended July 24, the RBI reported Friday. The prior week's increase was $1.08 billion. The central government's fiscal deficit stood at 18.2% of the full-year target at end-June, according to data from the Controller General of Accounts.

Bhansali said the rupee opened at 95.15 on Monday and expected it to trade between 95.00 and 95.50. The pair had tested the lower end of that band in early trade.

The domestic equity benchmarks also gained. The Sensex rose 470 points to 78,564.70, while the Nifty added 150 points to 24,532.95.