Mumbai: The rupee strengthened by 43 paise to 94.97 against the US dollar, recording its sharpest single-session gain in three weeks, supported by lower crude prices, improved global risk sentiment, and dollar selling in offshore markets.The currency opened at 95.33 and traded in a range of 94.94 to 95.37 during the session, before ending around 94.95. Sentiment improved after Saudi Arabia cut August crude oil prices for Asia by $11 per barrel, while foreign institutional investors were net buyers of equities worth Rs 243.03 crore.“Rupee traded stronger by around 45 paise to 94.95, gaining nearly 0.5% after reports that Saudi Arabia cuts its August crude oil prices for Asian buyers amid easing geopolitical tensions in West Asia. Improved risk sentiment and expectations of a lower import bill also aided the recovery,” said Jateen Trivedi of LKP SecuritiesSofter crude oil prices are expected to ease inflationary pressures for India, while Brent crude was trading at $72.9 per barrel, up 1.2% in futures trade. Dollar index stood at 100.96, up 0.1%.
