Rupee appreciated by 22 paise vs dollar from its previous close on Thursday amid fall in global crude oil prices and weakness in the value of greenback against a basket of six peers.
Rupee ended 22 paise higher from its previous close at 81.63 vs dollar on Thursday. The currency started the session 13 paise higher at 81.72 vs US dollar amid fall in global crude oil prices. Weakness in the value of greenback against a basket of six peers also 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 0.3 percent lower at 105.6.
Crude oil prices fell on Thursday, reversing gains from previous session. Brent crude futures were down 0.2 percent to $85.2 per barrel at the last count. WTI futures were 0.1 percent down at $77.9 per barrel at the last count.
"Minutes of the latest Fed meeting indicated that most Fed members were in support of slowing the pace of rate hikes but 'various' Fed members saw rates peaking at higher levels. The consensus however seems to be to see the lagged impact of the hikes done so far reflect in the data. Fed members therefore seem wary of continuing with aggressive rate hikes from here on. It is highly likely that we would see a downshift if not a pivot," explained Abhishek Goenka, Founder and CEO, IFA GLobal.
Amit Pabari, Managing Director at CR Forex pointed out that the four percent correction in brent crude oil prices could help support rupee as oil import bills could be reduced and thus helps a trade balance. "Technically, the USD-INR pair is finding resistance near 81.80 to 82.20, which was acting as support earlier. So, from here, we could expect the pair to resume its downtrend towards 81.30 to 81.00 levels in the near term and further towards 80.50 over the medium term," Pabari said.
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended at record closing highs on Thursday.
First Published: Nov 24, 2022 9:18 AM IST