Rupee gains versus US dollar as global oil prices retreat from multi-year highs

Rupee gains versus US dollar as global oil prices retreat from multi-year highs

NEW DELHI: The rupee on Thursday gained against the US dollar, as global crude oil prices snapped a week-long rising streak, lessening worries on domestic inflation and the country’s current account.

On Thursday, the Indian currency closed at 75.2250 to the dollar versus 75.3650 on Wednesday.

Brent crude oil futures for December delivery on the ICE Futures Europe Exchange on Wednesday shed 0.3 per cent to close at $83.18 a barrel, primarily as the International Monetary Fund recently flagged risks to global economic growth.

The rupee, which has shed close to 1.5 per cent against the US dollar so far this month, gained also because as a sharp drop in India’s Consumer Price Index Inflation improved the outlook on the Real Effective Exchange Rate, dealers said.

The Indian currency’s fall this month has been primarily led by a surge in global crude oil prices after the Organization of the Petroleum Exporting Countries and its allies stuck to a plan of increased output which falls short of international demand amid energy shortages.

Exporters also stepped into sell the greenback after the rupee’s recent depreciation, pulling the rupee up, dealers said.

RBI’s recent intervention to defend the rupee at the 75.50/$1 mark also discouraged speculators from betting against the Indian currency, dealers said.

Latest RBI data showed that foreign exchange reserves were at $634.48 billion, representing an import cover of around 13-14 months, much higher than the 7-month import cover the country had during the infamous’ taper’ tantrums of 2014.

The minutes of the US Fed\’s September policy statement were largely shrugged off as the US central bank did not strike a fresh hawkish note and instead committed to a tapering of bond purchases starting November, traders said.

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