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Rupee depreciates to 81.65 vs dollar — check key factors at play

Rupee depreciates to 81.65 vs dollar — check key factors at play

Rupee depreciates to 81.65 vs dollar — check key factors at play
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By Asmita Pant  Nov 17, 2022 3:39:43 PM IST (Updated)

Rupee depreciated to 81.65 vs US dollar on Thursday amid strength in greenback against a basket of six peers. Global crude oil benchmarks eased, yielding support to the currency.

Rupee depreciated by 35 paise from its previous close to settle at 81.65 vs US dollar on Thursday. The session started lower at 81.64 vs US dollar on as the value of greenback gained strength against a basket of six peers. Global crude oil benchmarks, however, eased on Thursday, yielding support to 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 0.3 percent higher at 106.5.
Crude oil prices fell on Thursday as concerns over geopolitical tensions eased and rising COVID-19 cases in China fueled demand worries. Brent crude futures were down 1.1 percent at $91.8 per barrel at the last count. WTI futures were also trading 1.3 percent lower at $84.4 per barrel.
"The USD-INR pair has been trading in a tight intraday range of 81.10-81.50 levels due to mixed global cues. It is observed that near support of 81.10 levels the dollar demand picks up as importers participate. But 81.50-82.00 zone stands as a strong resistance area as the USD is not able to gather the pace to move further due to persistent inflows and dollar selling by exporters," said Amit Pabari, Managing Director at CR Forex.
"The RBI could intervene in the spot market to curb steep gains of the local pair. It seems like USD-INR could form its broad range between 80.50-82 levels where dips shall be bought and upticks will be sold," Pabari said.
Indian equity benchmarks BSE Sensex and NSE Nifty50 started the session lower on Thursday amid negative global cues.
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