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Higher oil prices, global growth fears and a hawkish Fed could keep appreciation bias capped, expert says
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Indian rupee drops below 75 against US dollar
Dubai - High oil prices weigh on Indian currency.
The Indian rupee depreciated 17 paise to 75.16 against the US dollar (20.47 versus the UAE dirham) on Monday morning, as rising crude prices and strength of the American currency in the overseas market weighed on investor sentiments.
At the Indian interbank foreign exchange, the rupee opened on a weak note at 75.11, then fell further to 75.16, registering a decline of 17 paise from the last close.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 94.13.
“With oil above $82 and US yields higher, USD/INR may come down to a maximum of 74.80 where importers may hedge their near-term payable,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.
On the Indian equity market front, the 30-share Sensex was trading 214.43 points or 0.36 per cent higher at 60,273.49, while the broader NSE Nifty was trading 74.80 points or 0.42 per cent higher at 17,970.
Global oil benchmark Brent crude futures advanced 1.43 per cent to $83.57 per barrel.
(with inputs from PTI)
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