RECENT SLIDE IN CRUDE OIL OFFERS SUPPORT TO INR AS MONTH END NEARS

Published on Nov 29, 2023 12:10

The Indian Rupee has edged up today as a deep slide in the US dollar overseas is capping the weakness in the INR after it recently tumbled to record low levels. The US dollar index fell to an over three month low under 103 mark after remarks by Federal Reserve Governor Christopher Waller that Fed is done raising interest rates. Risk appetite perked up following this and Asian stock markets are trading mostly in the green on Wednesday. On Tuesday, rupee gained 6 paise to settle at 83.34 against the US dollar and added to these gains further today. The INR currently quotes at 83.31, up 3 paise on the day against US dollar. There has been a modest bounce in Crude oil prices but the WTI Crude oil has still lost around 10% in this month. This is a supportive factor for the INR as it saps the month-end dollar demand to a certain extent. On the NSE, the USDINR futures are quoting at 83.35, down 0.04% on the day.