Indian Rupee starts the week negatively amid higher oil prices
The Indian Rupee (INR) starts the week on a negative note against the US Dollar (USD) due to significant gains in oil prices over the weekend. As of writing, the USD/INR pair is up 0.15% to near 95.95.
The Indian Rupee began the week on a downswing against the US Dollar due to a sharp increase in oil prices over the weekend. The USD/INR exchange rate rose by 0.15% to approximately 95.95. The MCX Crude Oil contract, set to expire on October 19, climbed 2.22% to close near Rs. 9,045. Currencies from nations like India, which depend heavily on oil imports to meet their energy requirements, typically underperform in a high-oil-price scenario.
The Reserve Bank of India (RBI) maintains support for the Indian currency through interventions in both the spot and Non-Deliverable Forwards (NDFs) markets. Daily interventions, according to traders, indicate the RBI's commitment to providing a firm floor for the rupee for now.
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Also reported by 1 other outlet
- Indian markets struggle to keep pace with global peers amid oil, rupee and geopolitical pressures economictimes.indiatimes.com
