Mumbai: The rupee gained in early deals on 24 March, on hopes that the stock market would track the rise of other Asian markets, attracting more foreign capital into the stock markets.
In the early morning trade, the partially convertible rupee was trading at 40.375/385, 0.13% stronger than 19 March’s close of 40.43/44. The currency market was shut on 20 and 21 March for public holidays.
Oil, which is India’s biggest import, was trading just above $100 per barrel, down from a record high of $111.80 last week. An increase in oil prices would lower the trade deficit and could ease downward pressure on the currency.