GlobeVerge
INDIA
Rupee gains 3 paise to 95.70 against US dollar amid high crude prices
The rupee gained 3 paise to settle at 95.70 against the US dollar on Thursday as support from a weaker dollar was offset by elevated crude oil prices. Brent crude rose 2.22 per cent to USD 93.65 per barrel
GlobeSignal-AImedium certainty
- Why it matters
- A stronger rupee lowers the rupee cost of US dollar-denominated imports, particularly crude oil purchases which India relies on heavily.
- Most affected
- Indian importers of crude oil and dollar-denominated goods — Lower rupee costs for purchases in US dollars
Indian exporters selling to dollar markets — Receive fewer rupees per dollar earned from sales - Likely next
- Whether the rupee continues to strengthen or reverses as crude oil prices move