Mumbai, July 7: The rupee appreciated 47 paise to close at 94.96 against the US dollar on Tuesday, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties.
Forex traders said market sentiment was also buoyed after Saudi Arabia slashed August crude oil prices for Asia by USD 11 per barrel.
Moreover, softness in Brent oil prices will ease inflationary pressures for India, the world’s third-largest oil importer, market analysts said.
At the interbank foreign exchange market, the rupee opened at 95.33 and traded in the range of 94.93-95.37 in intraday trade. At the end of Tuesday’s trading session, the rupee was quoted at 94.96, higher by 47 paise over its previous close.
On Monday, the rupee depreciated 25 paise to close at 95.43 against the US dollar.
Brent crude, the global oil benchmark, was trading higher by 1.19 per cent at USD 72.85 per barrel in futures trade.
On the domestic equity market front, Sensex declined 104.35 points to settle at 78,180.72, while the Nifty fell 31.65 points to close at 24,398.70.
Foreign institutional investors purchased equities worth Rs 393.19 crore on Tuesday, according to exchange data. (PTI)
