Rupee strengthens against US dollar in early trade amid sharp fall in oil prices
Indian rupee has strengthened against the US dollar in early trade on Wednesday supported by sharp fall in global crude oil prices with Brent crude oil prices trading below $80 a barrel mark. Investor also remained optimistic as Reserve Bank of India (RBI) upgraded India’s GPD growth estimates for FY27 to 6.6% from earlier 6.5%. Moreover, the RBI lowered its CPI inflation forecast for FY27 by 10 basis points to 5 per cent from 5.1 per cent projected in the June monetary policy review. Besides, easing West Asia tensions and progress towards reopening the Strait of Hormuz kept sentiments upbeat.
The partially convertible currency is currently trading at 95.10, stronger by 18 paise from its previous close of 95.28 on Tuesday. The currency touched a high and low of 95.11 and 94.89 respectively.
