Mumbai, Sept. 21 -- The rupee appreciated 18 paise to close at 95.78 against the US dollar on Monday as crude oil prices retreated from their elevated levels on improved global risk sentiment amid expectations of diplomatic talks between the US & Iran.
Forex traders said the Indian rupee firmed on weak crude oil prices amid hopes of diplomatic talks between the US and Iran. Moreover, positive domestic markets and softening of US Treasury yields also supported the local unit.
At the interbank foreign exchange market, the rupee opened at 95.86 against the US dollar, then gained some ground and touched 95.72 against the American currency in intraday trade.
At the end of the trading session on Monday, the rupee settled at 95.78 against the American currency, higher by 18 paise from its previous close.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 100.32, higher by 0.10 per cent.
Meanwhile, India's forex reserves dropped by $4.924 billion to $780.782 billion during the week ended September 11 due to a fall in foreign currency and gold reserves, as per the RBI data released on Friday.
Published by HT Digital Content Services with permission from Millennium Post.