Indian Rupee falls further as oil prices regain ground
The Indian Rupee (INR) extends its losses against the US Dollar (USD) on Thursday. The USD/INR pair jumps to near 95.90 as the Indian currency comes under pressure, with oil prices regaining ground, and firm Federal Reserve (Fed) interest rate hike expectations strengthen the US Dollar further.
The Indian Rupee (INR) continued to decline against the US Dollar (USD) on Thursday, with the USD/INR pair reaching near 95.90. This decline occurred as oil prices recovered and Federal Reserve (Fed) interest rate hike expectations strengthened. The MCX Crude Oil contract, expiring on October 19, fell 0.45% to around Rs. 8,785, but rebounded strongly on Wednesday after hitting a two-week low near Rs.
8,496. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, traded near an eight-week high of 101.23. Iranian President Masoud Pezeshkian's speech at the United Nations (UN) General Assembly on Wednesday provided some support for oil prices. He vowed that Iran would not surrender to the United States, emphasizing Iran's steadfastness.
The USD/INR pair is currently trading above the 20-period exponential moving average (EMA) at 95.5722, indicating a bullish near-term trend. The pair's resistance level is the September 17 high at 96.10, with a potential break above this level accelerating the odds of reaching the all-time high near 97.00.
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