Rupee rallies 21 paise to 96.24 against US dollar on lower oil prices and forex inflows

The Indian rupee rallied 21 paise to close at 96.24 against the US dollar, driven by lower oil prices and sustained foreign currency inflows. State-run banks, likely acting on behalf of the RBI, sold dollars to support the rupee around the 96.42 level during the session. The currency traded in an intraday range of 96.12 to 96.42, having closed at 96.45 on Monday.