Rupee Ends Flat Amid Cautious Trading Ahead of US Elections
· Business · Economic Times, Times of India
The Indian rupee closed at 94.90 per dollar, nearly unchanged from the previous session's 94.95, as traders stayed cautious ahead of Tuesday's US midterm elections. Brent crude oil prices fell over 4% to $108.3 per barrel, the lowest since October 21, on hopes for a deal to end the Iran war. The dollar index declined about 0.5% to 101.5 as investors prepared for a packed week dominated by the US elections. The Reserve Bank of India's increased dollar forward position suggests a possible dollar-buying approach to refill foreign exchange reserves.
Why it matters
The currency stability directly affects Indian importers and exporters, while the cautious market sentiment reflects ongoing global uncertainty impacting domestic trade and investment flows.
Read the original report — Economic Times
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