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Monday, August 15, 2022

Indian rupee weakens; soft crude likely to limit fall

Indian rupee weakens; soft crude likely to limit fallMUMBAI: Indian rupee opened weaker on Monday tracking Asian peers due to strong U.S. jobs data that bolstered expectations of faster rate hikes there.

The Indian rupee was at 72.7650 to the dollar, down from its previous close of 72.44 when it had gained the most in 5 years tracking an ease in trade tensions between the U.S. and China and lower oil prices.

However, the rupee is unlikely to fall sharply during the day as it is expected to take comfort from soft crude prices.

Oil prices fell on Monday as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily.

Copyright Reuters, 2018

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Source: Brecorder

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