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Rupee steady at 82.28 against dollar amid easing oil rates

Rupee steady at 82.28 against dollar amid easing oil rates

Rupee steady at 82.28 against dollar amid easing oil rates
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By Asmita Pant  Oct 12, 2022 4:37:59 PM IST (Updated)

The rupee settled at 82.32 vs US dollar on Wednesday, largely unchanged from its previous close, pressured by rise in the greenback overseas. Easing crude oil prices, however, kept the magnitude of depreciation in check.

The rupee settled at 82.32 vs US dollar on Wednesday, largely unchanged from its previous close. Earlier in the session, the currency edged higher to 82.28 against dollar, supported by a decline in crude oil prices though a rise in the greenback against six other peers overseas continued to limit the upside.

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The dollar index — which measures the greenback against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — continued its upward movement for the sixth session in a row. It was last seen trading 0.2 percent higher at 113.4.
The gauge has hovered near 20-year highs for the past few weeks.
Crude oil prices fell on Wednesday amid a rise in COVID-19 cases in China that triggered fears of slowing global demand. Brent crude futures were down 0.6 percent at $93.8 per barrel.
"With the liquidity slipping into deficit again on high credit growth ahead of festival demand, it will be a tough call for RBI to limit the losses in the rupee via spending reserves," said Amit Pabari, Managing Director at CR Forex Advisors.
"The near-term bottom for the USD-INR pair lies around 82, and with the RBI’s absence, it could move again to 82.5-83 levels in the next few sessions," he said.
Indian equity benchmarks Sensex and Nifty50 rose on Wednesday amid gains in financial, IT and oil & gas shares, following three days of losses. Globally, concerns persisted about the impact of steep hikes in interest rates on economic growth.
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