Indian Rupee Edges Up on Lower Oil
The Indian rupee traded slightly higher on Monday supported by declining oil prices and foreign bank dollar sales. These factors helped offset sustained hedging demand from local importers. Meanwhile regional currencies remained mostly range bound.
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The India rupee rose 0.1% to 95.7925 per dollar on Monday morning, supported by lower oil prices and foreign bank dollar sales. The move countered sustained hedging demand from domestic importers during the early trading session. The currency found footing as regional markets drew strength from bargain-buying in equities.
