Mumbai: The Indian rupee strengthened by 6 paise to trade at 93.27 against the US dollar in early trading on Thursday, supported by easing crude oil prices and a weaker US dollar currency.
At the interbank foreign exchange market, the rupee opened at 93.29 and moved up to 93.27 against the dollar in initial deals, marking a modest recovery from its previous closing level.
Forex analysts said that crude oil prices staying below the USD 95 per barrel mark provided positive signals to domestic markets. Hopes of easing tensions in West Asia also contributed to improved investor sentiment.
However, continued outflow of foreign funds and sustained demand for dollars from importers limited a sharper rise in the rupee, traders noted.
