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Rupee depreciates to 81.88 against dollar — a look at key factors at play

Rupee depreciates to 81.88 against dollar — a look at key factors at play

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By Asmita Pant  Oct 6, 2022 4:12:37 PM IST (Updated)

The rupee fell to close at 81.88 vs dollar on Thursday. Rupee began the session almost unchanged from its previous close, as the greenback weakened against six other peers.

The rupee depreciated 36 paise from its previous close to end Thursday's session at 81.88 after beginning the  session almost unchanged from its previous close, as the greenback weakened against six other peers. A rise in crude oil prices rose after the OPEC+ grouping of top producers agreed to reduce their output by two million barrels a day.

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The dollar index — which measures the American currency against a basket of six peers — was down 0.2 percent at 110.7 at the last count. Brent crude futures rose 0.6 percent to almost $94 a barrel and West Texas Intermediate futures rose 0.7 percent to $88.4 a barrel.
"The rupee is likely to trade within a range of 81.35-81.90 against the dollar in intraday trade," said Amit Pabari, Managing Director at CR Forex.
"The currency has had mixed signals over the past few days, with weakness in the dollar amid a short recovery in equities and the RBI’s small step towards guiding oil refiners to lean on the $9 billion credit line instead of the spot market," he said.
However, Pabari said the recovery in US yields amid rising inflationary concerns has once again put pressure on the rupee.
Indian equity benchmarks Sensex and Nifty50 jumped on Thursday as Dalal Street resumed trading after a day's holiday.
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