Indian Rupee Settles Flat Amid Strong US Dollar

The Indian rupee settled flat at 94.46 against the US dollar on Thursday, remaining unchanged from its previous session. The currency opened at 94.36 and reached an intraday low of 94.57 before recovering. This stability resulted from a firm US dollar in overseas markets, which neutralized the support provided by declining crude oil prices and a positive trend in domestic equities.

Domestic markets saw significant gains, with the Sensex rising by 2,008.61 points to 79,310.01 and the Nifty increasing by 576 points to 24,536.60. Foreign Institutional Investors continued to act as net buyers of equities during the session.

Market analysts attribute the currency's near-term stabilization to foreign portfolio inflows and the strategic management of foreign exchange reserves and the repo rate by the Reserve Bank of India.