Rupee gains 30 paise to touch monthly high

Mumbai: The Indian rupee closed at 95.38 on Friday, 30 paise higher than its previous close of 95.68, and its strongest level in a month. Persistent interventions from the Reserve Bank of India and a dip in oil prices helped strengthen the currency, traders said.

The local unit opened at 95.58 on Friday and traded in the range of 95.47 and 95.25. A weaker dollar index at 100.7 on Friday, from 101.2 earlier, also helped boost the rupee.

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"There seems to be a shift in strategy by the RBI, where it is intervening even as the rupee is strengthening, which further boosts the currency. Additionally, inflows in stocks and bonds also helped," said Ritesh Bhansali, deputy CEO, Mecklai Financial Services. He expects the rupee to have good support between 95.20 and 94.80, and further gains from these levels will require oil prices to go back to around $75 per barrel.