Rupee up 14 Paise; Dollar Index, Crude Oil Prices Ease

The Indian rupee opened with an uptick of 14 paise against the U.S. dollar on the back of easing crude oil prices and dollar index.

The domestic currency opened at 86.6925, compared to the previous day’s close of 86.8325. Dollar index fell to 106.670 in early trade as against 106.710 in the previous trading session.

Dollar was trading on a cautious note as investors assessed weaker than expected U.S. retail sales data, Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP

Bhansali said, “The traders expected Japan to tighten rate with another 35 bps rate hikes by December. Dollar was unable to recoup its losses after it fell on Friday based on weaker than expected retail sales data.”

Additionally, crude oil prices fell on the fourth day today due to expectations of peaceful resolution between Russia and Ukraine. The move will in turn ease concerns surrounding global supply chain or tariff wars.

As of 0112 GMT, Brent Crude futures fell by 20 cents, or 0.2%, to $74.59 a barrel. It slumped by 3.1% in the last four sessions after reports that the U.S. President Donald Trump and his administration’s announcement about commencing discussions with Russia to end conflict in Ukraine.