Indian Rupee Hits One-Month Low Near 95.85 on Rising Oil Prices
The Indian rupee weakened to nearly 95.85 per US dollar on Monday, its lowest level in a month, as rising crude oil prices fueled by renewed Middle East tensions increased demand for the greenback and weighed on investor sentiment toward India's oil-dependent currency. Brent crude, a close measure of oil prices, grew 3.55% to trade at $78.70 on the day. West Texas Intermediate followed the upside trend with a 3.60% gain to trade at $73.99. The Foreign Institutional Investors, or FIIs, invested their stakes worth 26.04 billion Indian rupees into the Indian markets on Friday. FII turned net buyers with 45.73 billion Indian rupees so far in July. The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged lower by 0.03% to trade at 100.932 on Friday after hitting an intraday uptick to the 101.22 area. The next mild-impact event for the Indian currency will be the Wholesale data for June, due on Tuesday. For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, also due on Tuesday. At the time of writing, the USD/INR pair was trading at 95.6150, with a 0.26% gain during the.
The Indian rupee weakened to nearly 95.85 per US dollar on Monday, its lowest level in a month, as rising crude oil prices fueled by renewed Middle East tensions increased demand for the greenback and weighed on investor sentiment toward India's oil-dependent currency.
Brent crude, a close measure of oil prices, grew 3.55% to trade at $78.70 on the day.
West Texas Intermediate followed the upside trend with a 3.60% gain to trade at $73.99.
The Foreign Institutional Investors, or FIIs, invested their stakes worth 26.04 billion Indian rupees into the Indian markets on Friday.
FII turned net buyers with 45.73 billion Indian rupees so far in July.
The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged lower by 0.03% to trade at 100.932 on Friday after hitting an intraday uptick to the 101.22 area.
The next mild-impact event for the Indian currency will be the Wholesale data for June, due on Tuesday.
For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, also due on Tuesday.
At the time of writing, the USD/INR pair was trading at 95.6150, with a 0.26% gain during the.