INDIA RUPEE — Rupee nudges up as foreign bank dollar sales counter corporate demand
The Indian rupee gained 0.1% to 95.7925 per dollar on Monday, supported by dollar sales from foreign lenders and a dip in oil prices, which offset importers' hedging demand. The rupee received some breathing room from a roughly 2% decline in Brent crude.
(Updates post market open) By Jaspreet Kalra MUMBAI, Sept 21 (Reuters) — The Indian rupee was marginally firmer on Monday, as a dip in oil prices and dollar sales by foreign lenders helped counter the impact of sustained hedging demand from local importers, traders said. 1% from Friday's closing level. Oil prices slid to their lowest in more than a week on Monday, as hopes that diplomacy over the Iran war would gain traction this week grew amid a UN meet and as investors eyed a partial recovery in shipments from Saudi Arabia.
O/R Iran and the US exchanged new threats over the weekend, although President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the United Nations General Assembly. The about 2% decline in Brent crude on Monday offered the rupee some breathing room, alongside likely dollar inflows linked to a large domestic IPO. "The key question for the rupee is increasingly whether oil can remain controlled while the Reserve Bank of India continues to manage dollar demand," said Amit Pabari, managing director at FX advisory firm CR Forex.
" Elsewhere, regional currencies were mostly range-bound, while share markets edged higher as AI's insatiable demand for data buoyed chipmakers. Indian stocks caught a bid on bargain-buying. Government bond yields, meanwhile, were little changed with traders awaiting the results of the RBI's liquidity-draining bond sales. com)