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According to forex traders, elevated global crude oil prices added to the downward pressure on the USD/INR pair. In early trade at the interbank foreign exchange market, the rupee opened at 85.65 and slipped to 85.67 against the US dollar, marking a decline of 9 paise from its previous close.
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The news comes days after there was a buzz around prices of petrol and diesel being slashed owing to the falling crude oil prices.
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Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent.
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The rise in the country's foreign exchange reserves to a record high of USD 704.88 billion on Friday has further strengthened the domestic currency, according to forex traders.
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Forex traders noted that foreign institutional inflows, along with notable corrections in asset classes such as the dollar index and crude oil prices, supported the rupee. Additionally, the Reserve Bank's active intervention helped maintain the rupee within a narrow range.
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Opens at 83.52, gains further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise
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Forex traders noted that despite the continuous influx of foreign capital, the local unit initially resisted the decline but eventually succumbed to pressure, influenced by a subdued domestic equity market trend.
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At the interbank foreign exchange, the rupee opened at 83.28, higher by 1 paisa from its previous close.
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Governor Das Addresses Delhi Gathering, Notes Economic Complexity and Strong Dollar Index
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Forex traders said the Indian rupee depreciated on Wednesday as the US dollar rose to the highest levels in six months.
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At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then rose to 82.16, registering a rise of 9 paise over its previous close.
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The rupee had closed lower by 18 paise at 82.34 to a dollar on Wednesday. The forex market was closed on Thursday for Ram Navami.
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While rising inflation, tightening monetary policy, and climbing crude oil prices have made the current fiscal a difficult one for the INR, the Russia-Ukraine war sparked a near-freefall.
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Mumbai: The Indian equities markets benchmark Sensex rose 164 points on Tuesday, as a nearly 8 per cent drop in Brent Crude oil prices boosted investors’ sentiments. The 30 stock S&P BSE Sensex was trading at 57,742.30 points at 11.42 am, which is 148.81 points or 0.26 per cent higher than its previous day’s close […]
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New Delhi: Concerns over lower supply amid escalating Russia-Ukraine conflict pushed up global crude oil prices to $102 per barrel on Tuesday. The rise in crude oil prices comes after negotiations failed to resolve the Russian-Ukrainian conflict. The Brent-indexed crude oil prices had risen by 5 per cent to over $98 per barrel on Monday. […]
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Hyderabad: There is a bigger game plan behind the recent decision of the Union Government in reducing the excise duty on petrol and diesel by Rs 5 and Rs 10 per litre respectively. While the reduction is too little and too late considering the astronomical rise in fuel prices in the recent times, the Centre […]
