The rupee appreciated by 13 paise to 82.04 from its previous close vs the US dollar on Monday. Earlier in the session, the Indian currency opened three paise higher vs greenback.
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 0.1 percent higher at 99.7, not far from the 15-month low mark.
Crude oil benchmarks extended losses in the session today. At the last count, Brent crude futures were trading 0.8 percent lower at $79.2 per barrel. WTI futures, too, were trading 0.8 percent lower at $74.7 per barrel.
"Indian rupee erased opening gains on Friday, but posted its best week in four, led by a sell-off in USD on slowing expectations of further tightening beyond the July Fed meeting. Presently, the market is overestimating, that inflation can not be easily cool down and might be sticky amid job market/services tightness," said Amit Pabari of CR Forex.
"The USD-INR pair may show some resilience to its original support of 81.80 and try to pull back towards 82.20-30 levels as Yuan again depreciated from 7.12 to 7.17 and Yen halted its six-day winning streak. Overall, we expect the pair to narrow down its momentum to trade in a range of 81.80 to 82.30 but eventually will give a breakout, mostly on the downside to test 81.50 levels," Pabari added.
Indian equity benchmarks closed at record closing highs, Nifty index surpassed the 19,700-mark for the first time ever on Monday.
First Published: Jul 17, 2023 9:44 AM IST
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