2 hrs ago
Rupee Gains 15 Paise as Crude Oil Prices Retreat
The Indian rupee became slightly stronger against the US dollar on Monday.
It ended the day at 95.81 rupees per dollar.
This was 15 paise better than its previous closing value.
Oil prices fell from their earlier high levels.
Cheaper oil can help support the rupee.
Investors also felt more hopeful because the United States and Iran might hold diplomatic talks.
Stronger Indian markets and lower US Treasury yields added support.
The final exchange rate was provisional.
The rupee rose 15 paise to close provisionally at 95.81 against the US dollar on Monday.
The currency opened at 95.86 and reached an intraday high of 95.72 against the dollar.
Falling crude oil prices supported the rupee as global risk sentiment improved.
Expectations of diplomatic talks between the United States and Iran contributed to market optimism.
Positive domestic markets and softer US Treasury yields also supported the Indian currency.
- Who
- The Indian rupee, US dollar, and foreign-exchange traders were involved.
- What
- The rupee appreciated 15 paise and closed provisionally at 95.81 against the US dollar.
- Where
- At the interbank foreign exchange market.
- When
- Monday; the previous close was recorded on Friday.
- Why
- Retreating crude oil prices, improved global risk sentiment, hopes for US-Iran diplomatic talks, positive domestic markets, and softer US Treasury yields supported the rupee.
Key facts
- Monday closing rate
- 95.81 rupees per US dollar, provisional
- Daily change
- Up 15 paise
- Opening rate
- 95.86 rupees per US dollar
- Intraday high
- 95.72 rupees per US dollar
- Previous close
- 95.96 rupees per US dollar on Friday
- Key market support
- Retreating crude oil prices
- Additional support
- Positive domestic markets and softer US Treasury yields
Quotes
Anuj Choudhary
Research Analyst at Mirae Asset Sharekhan
“However, reports that Iran shot down a US drone in the Strait of Hormuz may again deteriorate risk sentiments. Expectations of an increase in supplies from Saudi Arabia may also pressurise crude oil prices, which may be supportive for the rupee.”
theprint.in
“We expect the rupee to trade with a slight positive bias on falling crude oil prices from higher levels, as improved global risk sentiments amid expectations of diplomatic talks between the US and Iran.”
theprint.in
Sources
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