The Indian rupee gained 46 paise to reach 94.45, helped by hopes of an India-US trade deal. The advance was limited by oil prices.
Trade deal hopes support the currency
Market sentiment around the rupee improved as expectations of progress on an India-US trade agreement supported the currency. The movement reflects market hopes rather than a confirmed outcome stated in the available information.
Oil prices cap gains
Although the rupee strengthened, oil prices restricted the size of its rise. The competing influences left the currency 46 paise higher at 94.45.
The session highlights the effect that trade expectations and oil price movements can have on the rupee. Further direction will depend on how these factors develop.