Home Business Rupee rises sharply to 82.15 against soft dollar

Rupee rises sharply to 82.15 against soft dollar

Rupee today: Domestic currency gains against soft dollar

The rupee rose sharply against a soft dollar on Thursday, driven by hopes that major central banks may start dialing in on their aggressive rate hike rhetoric, but a rise in crude oil prices will limit the domestic currency’s gains.

The rupee was at 82.1512 per dollar after opening at 82.1288 compared to its previous close of 82.73 on Tuesday, Bloomberg showed.

The domestic currency rose 67 paise to 82.14 against the US dollar in early trade, PTI reported.

Indian financial markets remained closed on Wednesday for Diwali celebrations.

The domestic currency’s gains could be limited as crude gained further ground after touching a nearly two-week high on supply constraints, after US Secretary of State Anthony Blinken said a deal with Iran was likely to develop soon. was not.

“Indian rupee opened at 82.05 after dollar index fell below 110 levels, and US 10-year yields fell to 4.00 per cent. The likely reason for this fall is slower rate hike from US in November-22 despite inflation. Finrex Treasury Anil Kumar Bhansali, head of treasury at Advisors, said “being high”

“But the rise in oil prices from $90 a barrel to $94 a barrel will lead to a rise in the rupee as oil is a major import for the country. Oil companies and importers will use this opportunity to buy dollars at cheaper rates,” he said. ”

The dollar index was hitting its lowest level in more than a month at 109.75. The dollar index was near 112 when the over-the-counter (OTC) market for the rupee closed on Tuesday, according to Reuters.

A dealer at a Mumbai-based bank told Reuters a “big correction in the dollar” would help the rupee get off to a “good start today”.

“You would expect 82 to be a major support (for the USD/INR pair) and there will be a good buy for the dollar,” the dealer said.

Bet the Fed will review the magnitude of its rate hike starting next month as the deteriorating US economy has contributed to the dollar’s decline.

Weak US housing data this week, which showed that home prices and sales fell, added to the case that the Fed’s efforts to slow the world’s top economy were in effect, supporting the idea that the Fed will pivot in December. can start making.

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