USD INR Update

The rupee strengthened by 5 paise to 94.53 against the US dollar in early trading on Tuesday, 16 June, led by a sharp fall in crude oil prices and easing geopolitical tensions in the Middle East, which improved sentiment toward the domestic currency. According to forex market participants, concerns over disruptions to global energy supplies have eased considerably as tensions in the region have subsided. In the interbank foreign exchange market, the rupee opened at 94.69 and advanced to 94.53 during initial trading, marking a 5-paise gain from its previous close.