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Rupee rises to 81.61 vs dollar — key factors here

Rupee rises to 81.61 vs dollar — key factors here

Rupee rises to 81.61 vs dollar — key factors here
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By Asmita Pant  Jan 25, 2023 9:46:53 AM IST (Published)

Rupee gained by 11 paise vs the US dollar amid ease in value of greenback against a basket of six peers. Global crude oil benchmarks rebounded putting pressure on the currency.

Rupee gained by 11 paise from its previous close on Wednesday to 81.61 vs the US dollar amid ease in value of greenback against a basket of six peers. Global crude oil benchmarks rebounded putting pressure on the currency. 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 0.1 percent lower at 101.6.

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Crude oil prices rebounded on Wednesday amid optimism on demand recovery in China. Brent crude futures were trading 0.4 percent higher at $86.5 per barrel at the last count. WTI futures, too, were trading 0.3 percent higher at $80.4 per barrel at the last count.
"The RBI protected the sharp appreciation in the rupee by intervening in the spot market around 80.90-81.00 levels, which pushed the speculators to unwind their short positions in the USD. Further, buying of USD by oil companies amid a rise in crude oil prices coupled with FII’s remaining net sellers have mounted pressure on the rupee," said Amit Pabari of CR Forex.
"A tussle between the buyers and sellers is likely to continue as inflows pertaining to Adani FPO and RBI bond issue shall keep the rupee on a stronger note and RBI’s intervention on the other side could limit the gains near 80.80 levels. Well, the broad range would remain between 80.80 to 82.10," Pabari added.
Indian equity benchmarks BSE Sensex and NSE Nifty50 opened lower on Wednesday.
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