3 hrs ago
Indian Rupee Falls 11 Paise as Crude Prices Stay Elevated
The Indian rupee became weaker against the US dollar on Thursday.
It fell by 11 paise to 95.84 rupees per dollar.
Oil prices stayed very high, at more than USD 100 per barrel.
High oil prices can make it harder for the rupee to strengthen.
The US dollar and US bond yields also became stronger.
Indian shares had fallen, which added pressure to the rupee.
Foreign investors bought Indian shares, but this did not stop the rupee from weakening.
Analysts linked the high oil prices to limited progress in West Asia peace discussions.
Donald Trump warned Iran during a speech at the United Nations General Assembly.
The rupee fell 11 paise to 95.84 against the US dollar in early Thursday trade.
Geopolitical uncertainty pushed crude prices above USD 100 per barrel, although Brent futures were down 0.97% in the latest session.
Higher US bond yields and a stronger dollar added pressure on the rupee.
Domestic equity selling weakened the currency despite foreign institutional investors buying equities worth Rs 1,617.45 crore.
The Sensex fell 506.43 points and the Nifty declined 181 points on Wednesday.
- Who
- The Indian rupee, the US dollar, foreign institutional investors, market participants, and officials involved in West Asia diplomacy.
- What
- The rupee declined 11 paise to 95.84 against the US dollar in early trade.
- Where
- At the interbank foreign exchange market; related diplomatic discussions took place in New York.
- When
- Thursday morning, after the rupee closed at 95.73 per dollar on Wednesday.
- Why
- Geopolitical uncertainty kept crude prices elevated, while higher US bond yields, a stronger dollar, and domestic equity selling pressured the rupee.
Key facts
- Rupee level
- 95.84 against the US dollar
- Daily move
- Down 11 paise in early Thursday trade
- Brent crude
- USD 102.08 per barrel, despite falling 0.97% in the latest session
- Dollar index
- 100.87, up 0.06%
- Sensex
- Down 506.43 points, or 0.68%, to 74,321.82
- Nifty
- Down 181 points, or 0.77%, to 23,266.15
- Foreign institutional investment
- Net equity purchases of Rs 1,617.45 crore on Wednesday
Sources
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