Rupee closes at 96.24, gains 21 paise after RBI inflows
The Indian rupee closed at 96.24 against the US dollar on Tuesday, gaining 21 paise thanks to lower oil prices and less demand for dollars.
The Reserve Bank of India (RBI)'s recent moves to attract foreign currency have brought in nearly $21 billion, giving the rupee some extra support.
RBI and state banks sell dollars
The day started with the RBI and state-run banks stepping in to sell dollars, helping steady the rupee early on.
With oil companies buying fewer dollars and steady foreign exchange inflows, market vibes stayed positive.
Anil Bhansali from Finrex Treasury Advisors said the recovery was because oil companies weren't buying dollars and foreign currency inflow continued to support sentiments, with state-run banks selling dollars in the first half of the day as support was lent around 96.42 levels.