3 weeks ago

Rupee Settles Higher at 95.33 as Brent Nears USD 90

Rupee Settles Higher at 95.33 as Brent Nears USD 90
Rupee rises 3 paise to close at 95.33 against US dollar · theprint.in

The rupee is India's money, and the dollar is America's money.

On Wednesday, the rupee at first lost a little value, going from 95.36 to 95.42 for one dollar, but later it gained it back and finished at 95.33.

That means the rupee ended the day slightly stronger than it started.

One big reason currencies move is the price of oil, called Brent crude.

Oil became more expensive, getting close to 90 dollars for one barrel.

Oil is important because ships, trucks and planes need it, and India buys a lot of it.

A narrow waterway called the Strait of Hormuz is where many oil ships travel, and people worried that the United States and Iran might not make a deal to keep it safe.

There were also reports of attacks on ships.

Because oil stayed expensive, India's stock markets went down a little.

A ratings group called Fitch said India's credit rating stays at BBB- for the 20th year in a row, and warned about money pressure from young people protesting over jobs.

Key facts

Rupee close vs US dollar
95.33, up 3 paise
Previous close
95.36 on Tuesday
Intraday range
95.24-95.43
Brent crude
USD 88.97 per barrel, up 0.07 per cent
Dollar index
99.85, up 0.03 per cent
Sensex & Nifty
77,966.35 (down 187.90 pts) and 24,435.95 (down 35.75 pts)
FII net activity
Sold Rs 1,002.50 crore on Wednesday
Fitch India rating
BBB- retained for 20th straight year

Quotes

Anil Kumar Bhansali

Head of Treasury and Executive Director at Finrex Treasury Advisors LLP

“"Rupee opened at 95.42 with oil prices slightly down at USD 89.36 per barrel while the dollar index was at 99.83 virtually unchanged. Oil companies continue to buy US dollars for their daily requirements while RBI continues to support the rupee at various levels daily."”
deccanchronicle.com
“"Markets are largely in wait‑and‑watch mode ahead of the US inflation data, with the dollar receiving some support from elevated oil prices but limited by expectations that inflation may continue to moderate."”
deccanchronicle.com

Sources

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