Rupee rises 16 paise to 95.73 from over two-month low on crude relief

NEW DELHI: The rupee recovered from over two-month lows, rising 16 paise to 95.73 against the US dollar in early trade on Friday, helped by gains in domestic equities and easing crude oil prices in overseas markets.Forex analysts said the decline in crude prices below the $104-per-barrel mark, after a sharp rise earlier this week, provided some relief to the Indian currency. The rupee also drew support from a decline in US bond yields after the US Federal Reserve raised interest rates by 25 basis points.At the interbank foreign exchange market, the rupee opened at 95.75 against the greenback and edged up to 95.73 in early deals, registering a 16-paise gain from its previous close.The domestic currency had ended 2 paise higher at 95.89 on Thursday, after losing 150 paise, or nearly 1.5 per cent, over the previous eight sessions. The rupee had closed at 94.43 on September 4.Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.02 per cent at 99.97.Brent crude, the global oil benchmark, was trading 0.93 per cent lower at $103.85 a barrel in futures trade.Domestic equity markets also supported the rupee. The Sensex rose 122.18 points, or 0.16 per cent, to 74,436.77, while the Nifty gained 23.55 points, or 0.10 per cent, to 23,294.15.However, foreign fund outflows remained a pressure point. Foreign Institutional Investors sold equities worth Rs 3,208.76 crore on a net basis on Thursday, according to exchange data.Get the latest Business News and Live updates. Download the TOI app.