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Rupee starts on a positive note, rises to $82.30 on strong risk asset appeal

Rupee rises to $82.30 on risk appetite

The rupee started on a positive note on Wednesday, buoyed by a healthy risk appetite and the strength of most Asian counterparts as the dollar retreated further to its weakest level in two weeks and on prospects of an increase in US supply of crude oil. Prices declined. domestic currency.

Bloomberg showed that the rupee was at 82.3062 per dollar after opening at 82.3062, as against the previous close of 82.3600.

The domestic currency rose 6 paise to 82.34 against the US dollar in early trade, PTI said.

Anil Kumar Bhansali, Treasury Head, Finrex Treasury Advisors said, “With the dollar index below 112, Brent oil at $90.82 a barrel, the Indian rupee at $82.30 a barrel, as risks continued on sentiments for the fourth day ” before the market opens.

“Yesterday, the rupee was at a high of 82.02 and fell to 82.40 at the end of the day, from the $buy side due to some suspicious interference in currency futures by the Reserve Bank of India. 82.00 range for the day to 82.50 continues,” he said

The rupee attempted to consolidate the 82-mark at one point on Tuesday before ending the day at 82.36, with a fag-end selloff to close the domestic currency almost flat.

“Yesterday’s (Tuesday) session was another indication that the bias on the rupee is on a downside,” a trader at a Mumbai-based bank told Reuters.

The trader said that for a “durable and sound recovery” in the rupee, “reasonable certainty” would be required that the US yields were top-notch.

According to some bankers, Reuters said, the rupee’s fall from 82 levels on Tuesday was due to dollar demand from importers such as oil corporations.

Conversely, two others claimed that it was probably because the Reserve Bank of India (RBI) bought USD/INR contracts before the expiry on Friday.

According to dealers, the latter went against RBI’s intention to contain the depreciation pressure of the rupee and was likely to avoid volatility on the day of expiry.

The currency’s October futures contract expires next Friday.

Most Asian currencies were trading higher, while the dollar index settled near its two-week low of 112. Positive risk sentiment restrained demand for the greenback.

A slowing global economy coupled with an increase in US supplies and a fall in demand for Chinese fuel, helped the rupee hold its ground.

Crude oil prices slump in favor of India, the world’s third-largest importer and consumer of oil, as it lowers imported inflation.

The dollar, which currently dominates as the preferred safe-haven currency, has fallen this week amid a rebound in global stocks as a result of some encouraging earnings.

But the Federal Reserve’s fixation on high inflation — even at the risk of triggering a recession — continues to draw support from the market, which is pricing in two additional 75 basis point increases from the Fed this year. .

“We suspect this is more than a slight pause in the dollar’s bull run,” Sean Callow, a currency strategist at Westpac in Sydney who expects a retest of the peak in November, told Reuters.

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