Why did forex traders react strongly to a 4 paise rise in the rupee?

The rupee traded in a narrow range and appreciated 4 paise to 94.39 against the US dollar in early trade on Monday, as the support from strong FCNR-related dollar inflows was negated by elevated crude oil prices amid persistent global headwinds.

• Option 1: Forex traders prefer to save money
• Option 2: The rupee appreciates because of increased demand from importers and exporters