/images/ppid_59c68470-image-178529752806183407.webp)
/images/ppid_59c68470-image-178511503184710196.webp)
/images/ppid_59c68470-image-178522252421532233.webp)
What is the story about?
The Indian rupee opened 13 paise higher against the US dollar at 95.72 on Wednesday, July 29. The national currency of the sixth-largest economy closed at 95.85 against the US dollar on Tuesday, down from Monday's close of 95.91.
The Rupee has opened stronger for a 3rd consecutive day.
The US Dollar index, which is a measure to weigh the strength of the US dollar against a basket of global currencies, has risen 0.14% in the past month of trade, as it stands at 101.32 against 101.19 a month ago.
Meanwhile, oil is back in the picture, putting pressure on currencies. The price of the benchmark Brent Crude soared again, jumping to $87.55, rising $3.46 or 4.11%.
When it comes to the equity markets at Dalal Street, the GIFT is largely hinting at a positive start to the day's trade today.
Meanwhile, the Asian markets are under immense pressure, with the South Korea-based KOSPI plunging 7% as the semiconductor sell-off took the shine off the recent rally.
Furthermore, another area of focus is the upcoming US Fed's FOMC meeting. The Fed's inflation assessment in its rate decision and comments, due on Wednesday, may be affected by fluctuations in crude prices.
According to a Reuters report, the recent rebound of the Indian rupee may encounter difficulties on Wednesday due to fluctuating crude oil prices and ongoing concerns regarding Federal Reserve interest rates, which could dampen the positive trend.
Over the past three sessions, the currency has received support likely from interventions by the Reserve Bank of India, which traders believe will continue to bolster the rupee. However, the instability in oil prices and the potential for a hawkish indication from the Fed may pose challenges to this recovery, according to traders.
The rupee is anticipated to open slightly higher, but may face pressure as the session progresses. On Tuesday, the currency closed at 95.8525 per U.S. dollar.
Currently, the RBI serves as a significant stabilising force for the rupee, as noted by a currency trader at a bank. He believes that the RBI's involvement will remain a crucial support, especially following its recent trend of intervening before or around the market opening.
Also Read: Audi unveils Q9, its largest SUV yet, targeting US market as new flagship | In pics
The Rupee has opened stronger for a 3rd consecutive day.
The US Dollar index, which is a measure to weigh the strength of the US dollar against a basket of global currencies, has risen 0.14% in the past month of trade, as it stands at 101.32 against 101.19 a month ago.
Meanwhile, oil is back in the picture, putting pressure on currencies. The price of the benchmark Brent Crude soared again, jumping to $87.55, rising $3.46 or 4.11%.
When it comes to the equity markets at Dalal Street, the GIFT is largely hinting at a positive start to the day's trade today.
Meanwhile, the Asian markets are under immense pressure, with the South Korea-based KOSPI plunging 7% as the semiconductor sell-off took the shine off the recent rally.
Furthermore, another area of focus is the upcoming US Fed's FOMC meeting. The Fed's inflation assessment in its rate decision and comments, due on Wednesday, may be affected by fluctuations in crude prices.
According to a Reuters report, the recent rebound of the Indian rupee may encounter difficulties on Wednesday due to fluctuating crude oil prices and ongoing concerns regarding Federal Reserve interest rates, which could dampen the positive trend.
Over the past three sessions, the currency has received support likely from interventions by the Reserve Bank of India, which traders believe will continue to bolster the rupee. However, the instability in oil prices and the potential for a hawkish indication from the Fed may pose challenges to this recovery, according to traders.
The rupee is anticipated to open slightly higher, but may face pressure as the session progresses. On Tuesday, the currency closed at 95.8525 per U.S. dollar.
Currently, the RBI serves as a significant stabilising force for the rupee, as noted by a currency trader at a bank. He believes that the RBI's involvement will remain a crucial support, especially following its recent trend of intervening before or around the market opening.
Also Read: Audi unveils Q9, its largest SUV yet, targeting US market as new flagship | In pics
/images/ppid_59c68470-image-178524259840822704.webp)
/images/ppid_59c68470-image-178513002546481355.webp)
/images/ppid_59c68470-image-178520509598521642.webp)
