Rupee rises 31 paise to 94.86 against US dollar during early trade
The rupee appreciated 31 paise to 94.86 against the US dollar in early trade on Thursday, supported by the ongoing impact of the Reserve Bank of India's structural forex interventions and liquidity-tightening measures.
Market participants attributed the rupee's continued appreciation to central bank intervention and the unwinding of long dollar positions.
However, ongoing external macroeconomic pressures are likely to temper further gains, they said.
At the interbank foreign exchange market, the rupee opened at 94.95, then gained ground to touch 94.86, registering a gain of 31 paise over its previous close.
On Wednesday, the rupee appreciated 19 paise to close at 95.17 against the US dollar.
The rupee has now crossed 95.5095.00 range, bringing 94.80 into focus, CR Forex Advisors MD Amit Pabari said.
"A sustained break below 94.80 could open the door to another 5075 paise of appreciation.
And the reduced direct dollar demand from oil companies could support the momentum," Pabari .
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