India imports more than 80% of its oil requirements and a rise in global crude prices can push up the country's trade deficit and hurt the rupee
The rupee declined 28 paise to 76.46 against the US dollar in opening trade on Tuesday, following a negative trend in domestic equities amid heightened concerns over global oil supplies.
The Indian Rupee opened weak against the US dollar as crude oil prices and the dollar reversed some of their recent declines, said Sriram Iyer, senior research analyst at Reliance Securities
There are several reasons for the lack of uniformity, such as depreciation of other currencies, essential nature of crude imports and global fluctuations in energy prices
The country is also in a better position among emerging market currencies due to its $630-billion-plus foreign exchange reserves
According to Crisil Ratings, the domestic currency is likely to settle at 76.5 against the American currency in March 2022
The rupee declined by 11 paise to close at 76.55 (provisional) against the US dollar on Monday amid moderating crude oil prices and foreign fund outflows.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, writes T N Ninan
The rupee pared its initial gains and settled 18 paise lower at 76.61 (provisional) against the US currency on Friday amid dollar demand from oil importers and state-run power companies.
The rupee advanced 16 paise to 76.27 against the US dollar in the opening trade on Friday, supported by positive domestic equities and a pullback in crude oil prices.
At the interbank forex market, the local unit opened at 76.27 against the greenback and witnessed an intra-day high of 76.07 and a low of 76.46
Brent crude futures, the global oil benchmark, were trading 1.88 per cent lower at USD 125.57 per barrel
The rupee advanced 22 paise to 76.78 against the US dollar in the opening trade on Wednesday, supported by the weakness in the American dollar and recovery in domestic equity markets.
The rupee tanked 84 paise to close at its lifetime low of 77.01 (provisional) against the US dollar on Monday as intensifying geopolitical risks
At the interbank foreign exchange market, the rupee opened weak at 76.06 against the American dollar and fell further during the session as investors moved away from riskier assets
Most emerging Asian currencies and stocks weakened on Friday amid heightened investor anxiety after reports that Russian forces had attacked a nuclear plant in Ukraine
At the interbank foreign exchange market, the rupee opened strong at 75.76 against the American dollar but soon entered the negative territory as investors turned towards safe-haven assets
At the interbank foreign exchange market, the rupee opened at 75.78 against the American dollar but later dropped to a low of 75.86
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.46 per cent higher at 97.06
The rupee has been one of the worst performing Asian currencies in 2022