Rupee hits 1-month closing high despite RBI pause; sliding oil prices help
The Indian rupee strengthened to a one-month high of 94.92 against the US dollar on Wednesday, aided by falling crude oil prices. Despite the Reserve Bank of India's decision to maintain policy rates, the currency's gains were moderated, closing at 95.1175 per dollar. Market analysts suggest that further appreciation beyond 95 could increase demand for the US dollar.