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Rupee appreciates by 52 paise against US dollar as oil prices cool off

Rupee appreciates by 52 paise against US dollar as oil prices cool off

Rupee appreciates by 52 paise against US dollar as oil prices cool off
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By Asmita Pant  Nov 7, 2022 4:06 PM IST (Updated)

Rupee gained by 52 paise from its previous close to end at 81.92 vs dollar on Monday amid easing global crude oil benchmarks and strength in greenback.

Rupee appreciated by 52 paise from its previous close to settle at 81.92 vs dollar on Monday.  Earlier in the day, the rupee gained by 33 from its previous close to 82.11 vs dollar amid easing global crude oil benchmarks. However strength in greenback capped the gains.

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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 trading 0.2 percent higher at almost 111 at the last count.
Crude oil prices fell on Monday as Chinese officials reiterated strict COVID approach triggering oil demands. Brent crude futures were almost a percent lower at $97.6 per barrel at the last count. WTI futures were last trading 1.4 percent lower at $91.4 per barrel.
"We are standing right at the ‘Make or Break’ zone of 81.80-82.00. If this zone is breached convincingly, we could see the pair heading towards 81.20 to 81.00 levels. In another case, if it holds, then the expected range would be 81.80 to 82.80," said Amit Pabari, Managing Director at CR Forex Advisors.
"For a shorter week with a holiday on Tuesday being ‘Gurunanak Jayanti’, we could see the Rupee taking cues from given burdensome economic data and events," Pabari added.
"Key event to follow this week would be the US mid term elections on Tuesday. Key data point to track this week would be the US Oct CPI print due on Thursday," highlighted Abhishek Goenka, Founder and CEO of IFA Global.
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended the choppy session higher on Monday led by financial shares.
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