Rupee opens 3 paise higher at 96.17 against US dollar
AI Summary
The Indian rupee opened slightly higher at 96.17 against the US dollar, buoyed by softer US inflation data which alleviated fears of a Federal Reserve rate hike. However, the currency faces pressure from rising crude oil prices and ongoing US-Iran tensions, with Brent crude nearing $86 per barrel. Despite interventions by the Reserve Bank of India, the rupee's stability remains uncertain as it previously dipped below the 96-per-dollar mark.
The Indian rupee opened 3 paise higher at 96.17 against the US dollar on Wednesday, 15 July, supported by softer-than-expected US inflation data, easing concerns about an imminent Federal Reserve rate hike, although gains were capped by elevated crude oil prices.
The domestic currency has remained under pressure amid escalating US-Iran tensions, which have fuelled a sharp rally in oil prices. Brent crude hovered near $86 per barrel during Asian trading, significantly higher than the level of around $70 per barrel seen just two weeks ago.
In the previous session, the rupee slipped beyond the 96-per-dollar mark despite intervention by the Reserve Bank of India (RBI) through dollar sales in both the spot and non-deliverable forward (NDF) markets, highlighting the persistent pressure on the local currency.
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