New Delhi, July 31 -- The Indian rupee appreciated by 29 paise to open at a three-week high of 95.39 against the US dollar on Friday, 31 July, supported by the US dollar's sharpest three-month decline, easing crude oil prices, and expectations of continued support from the Reserve Bank of India (RBI).

The domestic currency has gained 0.9% so far this week, putting it on track for its best weekly performance in four months. According to a Reuters report, the rally has been largely driven by persistent RBI intervention. The central bank reportedly stepped in aggressively to sell dollars last Friday and has continued to support the rupee through regular market intervention.

Bankers told Reuters that the RBI's repeated intervention signals ...