Earlier in the session, the currency fell three paise against the dollar. The dollar index – which measures the US currency against the yen, pound, Canadian dollar, Swedish krona, Swiss franc and euro – last traded slightly lower at 103 ,3.
The rupee gained 14 paise from its previous close at 82.66 against the US dollar on Wednesday. Earlier in the session, the currency fell three paise against the dollar. The dollar index – which measures the US currency against the yen, pound, Canadian dollar, Swedish krona, Swiss franc and euro – last traded slightly lower at 103 ,3.
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Crude oil benchmarks gained on Wednesday. At last count, Brent futures and WTI futures were trading more than a percent higher at $77.7 a barrel and $73.8 a barrel, respectively.
“On the bay, fundamentals, except for the inflow story, are not nearly supportive of the rupiah. Weakening Chinese Yuan amid rapidly rising COVID cases, falling Japanese yen, rising USD, rising oil amid possible OPEC+ supply cuts, and reduced domestic exports leading to increased deficits, all serve a perfect recipe for the USD- INR breaks above the 83.00 levels, however, as yesterday’s report stated, RBI stock would be watched closely this time if the bank allows the USD-INR pair to break above the 83.00 – 83 levels. .25 Intervention could bring the pair back near the 82.30-82.50 region and its absence could trigger the move towards the 83.50-83.80 levels,” said Amit Pabari of CR Forex.
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