“With oil prices near to $72.50 per barrel, the rupee is in the most comfortable zone, despite a higher dollar index and falling Asian currencies… While the RBI says it does not target a specific exchange rate, it intervenes to prevent excessive volatility,” analysts from Finrex Treasury Advisors said.
The started the day on a strong note, trading at 94.30 against the US dollar, aided by a strong correction in global crude oil prices that are now trading below pre-Iran war levels, according to Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.
The immediate course of the rupee will rely on crude oil prices, the strength of the US dollar, foreign portfolio investment and the RBI’s intervention plan.
