Oil remained steady even as Israel vowed retaliation against Iran after it targeted the residence of Prime Minister Benjamin Netanyahu via a drone attack. This comes after Israel killed Hamas leader Yahya Sinwar.
As Israel intensifies its attacks, the rupee could come under pressure this week though RBI will be present all the time protecting, according to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. “Today the opening is flat with a bout of weakness to be seen.”
Brent crude was trading 0.40% higher at $73.35 a barrel as of 9:14 a.m. The US Dollar Index was down 0.05% at $103.44.
The Dollar Index has the potential to rebound up to the 104 level, Pabari said. “However, looking further ahead, a correction below 100 seems likely as the Fed continues its rate-cutting cycle, shaping a more subdued medium- to long-term outlook for the index.”
The Indian rupee may have been Asia’s worst-performing currency last quarter, but it is poised to be the most resilient to the dollar’s strength ahead of too-close-to-call US elections.
