The situation in the Middle East continues to be volatile and might keep oil prices high and the rupee weak in the short term, according to forex traders.

Rupee rebounds from all-time low, appreciates against dollar amid oil price surge and foreign fund outflows

Rupee recovers from all-time low against USD, supported by strong domestic equity markets amid foreign fund outflows

On Tuesday (October 15, 2024), the rupee witnessed a range-bound trade and appreciated 1 paisa to 84.04 against the U.S. dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was marginally down by 0.01% to 103.25 points.

The rupee strengthens against dollar on softer oil prices and RBI intervention, while trade deficit narrows and impacts currency

On Thursday, the rupee weakened by 4 paise to close at 84.06 against the U.S. dollar.

The BSE Sensex tanked 570.45 points to 80,436.16 in early trade. The NSE Nifty slumped 178.3 points to 24,571.55

Sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders said

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“Investors remained cautious and stayed away from riskier assets due to geopolitical uncertainties,” forex dealers said

At the interbank foreign exchange, the rupee opened at 84.07 against the greenback and traded on a flat note in early deals

The local unit was also weighed down by elevated crude oil prices as well as firm American currency amid rising U.S. treasury yields, forex traders said.

Forex traders said a downward trend in domestic equity markets and elevated level of crude oil prices prevented a recovery in the Indian currency.

The rupee remains flat against the dollar amid oil prices, foreign fund withdrawals, and market

Nestle, Bharti Airtel, Bajaj Finserv, ICICI Bank and Maruti were the other big laggards

At the interbank foreign exchange market, the domestic unit opened at 84.06 against the greenback and remained almost standstill throughout the session

Forex traders said, the indication of some recovery in domestic equity markets prevented the fall in the local unit.

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The rupee trades range-bound, appreciates slightly against USD and impacted by foreign fund outflows and strong dollar

The local currency touched its lowest closing level of 84.10 against the dollar on October 11.

Forex traders said the strength of the American currency in overseas markets dented investor sentiments, while easing crude oil prices and any intervention by the Reserve Bank of India (RBI) may support the local currency at lower levels

In contrast, Maruti, Tata Motors, IndusInd Bank and Larsen & Toubro defied broader market trend and were trading in the positive territory

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback. It traded in a tight range and ended the day at 84.09 (provisional), down 4 paise from its previous close

The rupee rises slightly against dollar amid strong dollar and foreign fund outflows; RBI intervention expected to support local currency

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08% lower at 103.91

Relentless selling by foreign investors also dampened the sentiments in the equity market

Forex traders watch U.S. election impact on markets as rupee hits record low against dollar, with RBI intervention expected

Rupee recovers slightly against U.S. dollar amid election uncertainty, FII outflows, and volatile global markets

The U.S. Fed is expected to announce a rate cut in a meeting scheduled later this week, with further easing of up to 100 basis points projected for 2025

Forex traders said RBI interventions will keep the USD/INR pair between 83.80 and 84.35. Moreover, the U.S. Federal Reserve monetary policy and officials' comments will be in focus to derive further momentum

The rupee touched fresh record lows again on the back of weak domestic equities and sustained FII outflows

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