Rupee rises 14 paise to 86.46 against U.S. dollar in early trade
The Hindu
Forex traders warn of headwinds for USD/INR pair due to Dollar Index and rising crude oil prices.
The rupee appreciated 14 paise to 86.46 against the U.S. dollar in morning trade on Monday (January 20, 2025), tracking a positive trend in domestic equities and Asian currencies.
Forex traders said factors like elevated Dollar Index level as well as surging crude oil prices pose significant headwinds for the USD/INR pair.
At the interbank foreign exchange, the rupee opened at 86.48 and touched 86.46 against the greenback, registering a gain of 14 paise over its previous close.
On Friday (January 17, 2025), the rupee had settled at 86.60 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.22% at 109.10.
Brent crude, the global oil benchmark, fell by 0.12% to $80.69 per barrel.
The overall strength of the American currency and elevated crude oil prices are likely to strain India's trade balance, creating challenges for sustained rupee appreciation, forex traders said.
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