INR Gains Modestly As Crude Oil Stays Slippery

Published on Apr 22, 2024 11:59

The Indian Rupee edged up against the dollar in early moves on Monday as sustained losses in crude oil prices supported the local currency. The US dollar index is slightly lower but continues to hold just under 106 mark amid the ongoing Middle East conflict. INR currently quotes at 83.39 per US dollar, up 4 paise on the day. WTI Crude oil futures have pared more than one percent to trade around $81 per barrel- testing near three week lows. Meanwhile, India�s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion. For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.