Rupee Closes Marginally Higher as Lower Oil Prices Ease Pressures
· Business · Economic Times, Reuters
The Indian rupee closed marginally stronger on Monday at 95.8150 per dollar, compared to its previous close of 95.8725, supported by lower global oil prices and portfolio inflows. The currency hovered in a narrow band as sustained importer hedging demand, including dollar bids from local oil refiners, capped larger gains. Inflows tied to the National Stock Exchange of India IPO also provided support to the domestic currency. Meanwhile, dollar-rupee forward premiums eased, with the August 2027 month-end premium dropping 6 paisa to 2.94 rupees amid market speculation over potential Reserve Bank of India rate hikes.
Why it matters
Softer oil prices and steady portfolio inflows provide temporary relief to the rupee, though domestic importer demand and rate expectations continue to dictate currency movements.
Read the original report — Economic Times
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