Rupee extends winning streak to 3rd day, settles at 94.56 vs USD amid oil slide

The Indian rupee extended its gain, closing 15 paisa up at 94.56 a dollar in a range-bound trade. This is the third consecutive daily rise for the local currency, prompted by easing geopolitical tensions and a fall in global crude prices.

The rupee opened the day at 94.61 against the previous close of 94.71 and moved within a narrow band of 10 paise ahead of the US Federal Reserve's policy announcement scheduled on June 17.

"The Indian rupee continues to exhibit a firm undertone, extending its northbound trajectory amid a favourable macro backdrop," Dilip Parmar, a research analyst with HDFC Securities, said.


"The recent decline in crude oil prices has provided meaningful support to the currency by easing external sector pressures. Concurrently, a pickup in global risk appetite has reinforced flows into emerging market assets, benefitting regional currencies, including the rupee," he added.