Rupee gains 26 paise to close at 95.11 against the US dollar

Mumbai: The Indian rupee gained 26 paise on Wednesday to close at 95.11 on Wednesday, as oil prices eased the RBI held status quo on its rates. It had previously closed at 95.37 per dollar. The rupee had gained to 94.92, its highest level in a month, earlier in the session but pared some of its gains during the day as dollar demand kicked in at stronger levels.

The RBI kept its key rate unchanged, as policymakers await clearer evidence on whether volatile oil prices are fuelling broader inflationary pressures. "The latest decline in crude oil prices reinforced the rupee's positive bias, while dollar demand came in at stronger levels from importers," said a trader from a private sector bank.

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Rupee traded in a range of 94.92 and 95.25 on Wednesday, while Brent crude oil futures were trading at around $80 per barrel, according to Reuters.