In early trading, the rupee appreciated by 82 paise against the US dollar, hitting 94.96, thanks to strategic moves by the Reserve Bank of India aimed at curbing dollar demand. Key actions included establishing a dedicated dollar window for oil firms and raising costs for hedging. Meanwhile, Brent crude prices fell to USD 105.47 per barrel, and retail inflation in India surged to 5.
Forex traders said measures including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, are expected to reduce dollar demand
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Forex analysts said that these measures are expected to help the Indian currency sustain pressure from elevated crude oil prices and a strong dollar
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.43, marginally lower by 0.16% on safe-haven demand amid renewed U.S.-Iran tensions
In early trading, the rupee appreciated by 82 paise against the US dollar, hitting 94.96, thanks to strategic moves by the Reserve Bank of India aimed at curbing dollar demand. Key actions included establishing a dedicated dollar window for oil firms and raising costs for hedging. Meanwhile, Brent crude prices fell to USD 105.47 per barrel, and retail inflation in India surged to 5.
