Forex traders said the rupee is expected to trade with a negative bias amid risk aversion in global markets and worries over rising global treasury yields.
Forex traders said the rupee is expected to trade with a negative bias amid risk aversion in global markets and worries over rising global treasury yields.
Forex traders said surging dollar demand from oil importers has sparked fresh concerns over inflation and India's external trade balance
Brent crude, the global oil benchmark, was trading lower by 0.67% at $92.48 per barrel in futures trade
The rupee fell 38 paise to close at 95.92 against the US dollar on Tuesday. Escalating Middle East conflict and soaring Brent crude oil prices weighed on the currency. Surging dollar demand from oil importers raised inflation and trade balance concerns. Domestic markets weakened, while global treasury yields and a strong dollar dented sentiment. India's forex reserves, however, reached a record high of USD 785.706 billion.
The Indian rupee slipped by 38 paise, settling at 95.46 against the US dollar on Thursday, influenced by Brent crude oil prices rising above USD 102 per barrel. Forex traders highlighted conflicting factors affecting the currency, such as portfolio outflows alongside costly crude prices. While the dollar index weakened, Brent crude futures climbed. Meanwhile, domestic equities thrived with the Sensex and Nifty trending upward.
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