1 week ago
Conflicting Reports Put Rupee Near 95.70 Against Dollar
The rupee is India’s currency, and it was traded against the US dollar on Thursday.
The reports agreed that it opened at 95.57 rupees per dollar.
They also agreed that a weaker dollar helped the rupee at first.
However, expensive crude oil made it harder for the rupee to keep rising.
One report said the rupee ended at 95.74, which was 1 paisa weaker.
Another report said it ended at 95.70, which was 3 paise stronger.
The reports also gave slightly different trading ranges.
This means the exact closing result is unclear because the reports conflict.
One report said the rupee fell 1 paisa to settle at 95.74 per US dollar.
Another report said the rupee gained 3 paise to finish at 95.70 per US dollar.
Both reports said the rupee opened at 95.57 and initially benefited from a weaker dollar index.
The reports differed on the trading range, giving either 95.56–95.74 or 95.56–95.72.
Crude oil prices above $90 were cited as pressure on India’s import bill and the rupee.
- Who
- The Indian rupee and the US dollar were involved in the interbank currency trading.
- What
- Reports gave conflicting accounts of the rupee’s close: 95.74 and down 1 paisa, or 95.70 and up 3 paise.
- Where
- The interbank foreign exchange market; one report identified Mumbai.
- When
- Thursday.
- Why
- A weaker dollar index initially supported the rupee, while crude oil prices above $90 pressured India’s import bill and limited its gains.
First Report
Second Report
Closing level
First Report
Reported that the rupee settled at 95.74 per US dollar, down 1 paisa from its previous close.
Second Report
Reported that the rupee settled at 95.70 per US dollar, gaining 3 paise.
Trading range
First Report
Listed the session’s range as 95.56–95.74.
Second Report
Listed the session’s range as 95.56–95.72.
Common market explanation
First Report
Said support from the weaker dollar index was offset by crude oil prices above $90.
Second Report
Gave the same explanation, adding that the rupee opened higher on a weak dollar and positive domestic markets before paring gains.
Key facts
- Reported closing rates
- 95.74 per US dollar in one report; 95.70 per US dollar in another
- Reported daily moves
- Down 1 paisa in one report; up 3 paise in another
- Opening rate
- 95.57 per US dollar
- Reported trading ranges
- 95.56–95.74 and 95.56–95.72
- Crude oil price
- Above $90
- Dollar index
- Fell to its lowest level since late May; one report listed it at 98.61, down 0.22%
- US Treasury action
- Announced it would double buyback operations for longer-dated Treasury bonds
Quotes
Anuj Choudhary
Research Analyst at Mirae Asset ShareKhan
“The rupee opened higher on weak dollar and positive domestic markets.”
thehansindia.com
Sources
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