Rupee at seven-month high of 93.69; Axis Bank retains ₹100 target for June 2027
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Rupee closed Wednesday at a seven-month high of 93.69 against the US Dollar.
- ✓Strong foreign inflows and lower crude oil prices helped the currency gain 24 paise.
- ✓Meanwhile, Axis Bank analysts said, "We therefore persevere with current FX views targeting INR at 100 by June 2027 for now."
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Strong foreign portfolio inflows and softer crude oil prices lifted the domestic currency, even as bond yields rose tracking US Treasury yields
Buoyed by robust FPI inflows into the equity markets and a decline in crude oil prices, the Rupee closed Wednesday near a seven-month high.
The Indian currency closed at 93.69 per US Dollar, up 24 paise over the previous close of 93.93. Intraday, it tested a high/low of 93.62/93.87.
Crude oil decline and FPI inflows support rupee
Dilip Parmar, Senior Research Analyst, HDFC Securities, observed that the rupee gained ground, buoyed by softening crude oil prices, strong foreign institutional inflows, and the absence of central bank intervention amid prevailing risk-on sentiment. Nevertheless, a rebound in the greenback after Tuesday's inflation figures limited the local currency's appreciation.
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