Rupee rises by 40 paise to close at 95.38 against the US dollar

The value of the rupee went up by 40 paise today to close at 95.38 against the US dollar in the foreign exchange market.

Market Details

This marks the third day in a row that the rupee has grown stronger. Traders said the Reserve Bank of India took steps to lower the heavy demand for dollars and stop big speculative trades. These steps include giving special dollar help to oil companies through certain banks and raising the costs for hedging deals. During the day's trading between banks, the rupee started at 95.53 against the dollar. It went as high as 94.96 and dropped as low as 95.53 before finishing the day at 93.38. The final close shows a 40-paise gain from the previous day's finish. On Monday, the rupee had jumped by 93 paise to close at 95.78, marking its biggest single-day rise in over six months. Over the last three trading days, the rupee has gained a total of 150 paise.

Context

Foreign exchange markets track daily currency values based on trade demand, bank transactions, and central bank actions. Changes in the rupee value against the US dollar affect import costs, especially for essential goods like oil bought from other countries.