Rupee Strengthens A Touch As Oil Prices Dip To Just Above $100; Risks Remain
NDTV
The rupee strengthened a touch to 76.33 early on Tuesday, tracking the dip in oil prices for a second straight session.
The rupee strengthened a touch to 76.33 early on Tuesday, tracking the dip in oil prices for a second straight session. Still, inflation above the Reserve Bank of India's upper end of the target range of 2-6 per cent and widening trade deficit should limit the sentiment.
What is also likely to weigh is persistent capital outflows and volatile domestic equities, with the Sensex and Nifty in the red on Tuesday.
Inflation and trade data released was for a period before the Russia-Ukraine war intensified and does not consider the surge in crude oil prices to be above $100 a barrel, where it remains.
At the interbank foreign exchange, the rupee opened strong at 76.40 against the US dollar and gained further momentum to quote 76.33, registering a rise of 21 paise over the last close, the PTI said. On Monday, the rupee had settled at 76.54 against the greenback.
