Rupee rises 31 paise to 94.29 against US dollar

MUMBAI: (Jun 17) The rupee appreciated 31 paise to 94.29 against the US dollar in early trade on Wednesday as Brent crude oil prices and the US dollar index retreated further from their elevated levels.

Forex traders said the rupee opened on a positive note as Brent crude has fallen to near USD 79 per barrel — a three-month low — as markets price in the reopening of the Strait of Hormuz following the US-Iran framework.

At the interbank foreign exchange market the rupee opened at 94.46, then touched 94.29, registering a gain of 31 paise from its previous close.