India, July 7 -- The Indian rupee appreciated 48 paise to close at Rs 94.95 (provisional) against the US dollar on Tuesday, supported by improved global risk sentiment and easing concerns over crude oil supplies.
Forex traders said higher traffic through the Strait of Hormuz reduced supply uncertainties, while Saudi Arabia's decision to cut August crude oil prices for Asia further boosted market sentiment.
Analysts added that softer Brent crude prices are expected to ease inflationary pressures for India, the world's third-largest oil importer, providing additional support to the domestic currency.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....