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Rupee falls 18 paise vs dollar — key factors at play

Rupee falls 18 paise vs dollar — key factors at play

Rupee falls 18 paise vs dollar — key factors at play
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By Asmita Pant  Nov 23, 2022 4:53:33 PM IST (Updated)

Rupee depreciated by 18 paise from its previous close vs US dollar to end at 81.85 on Wednesday amid rise in global crude oil prices and weakness in the value of greenback against a basket of six peers.

Rupee ended 18 paise lower from its previous close at 81.85 vs US dollar on Wednesday.  Earlier in the session, the currency depreciated by 13 paise to 81.80 vs US dollar amid rise in global crude oil prices. Weakness in the value of greenback against a basket of six peers, however, supported the currency.

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The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading 0.1 percent lower at nearly 107.
Crude oil prices rose on Wednesday after industry data showed a more than expected decline in US crude stockpiles last week, highlighting supply concerns ahead of a looming European Union ban and G7 price cap on Russian oil. Brent crude futures fell 0.2 percent to $88.2 per barrel at the last count. WTI futures was marginally down to $80.9 per barrel at the last count.
"Certain key indicators suggest that post the release of domestic inflation figures, RBI may go for another 35 bps hike in the December meeting before taking a pause. Well, already squeezed differentials would be compressed more with Fed’s nearly one percent more hike on the cards, thereby keeping the pair supported around 80.50 levels in the near term," said Amit Pabari, Managing Director at CR Forex.
"The overall risk-on mood amongst the Asian peers today would cap any rise in the pair past 82.00 levels. Until the pair remains below 82.20 mark, selling on the rise is suggested for the near term," added Pabari.
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended in the green on Wednesday.
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