Rupee rises 6 paise to 84.35 against U.S. dollar in early trade
The Hindu
Forex traders warn of headwinds for USD/INR pair due to Dollar Index, oil surge amid Russia-Ukraine conflict.
Rupee appreciated 6 paise to 84.35 against the U.S. dollar in morning trade on Monday, supported by a firm trend in domestic equities.
Forex traders said factors like elevated Dollar Index levels, and a nearly 5% surge in crude oil prices over the past week driven by the escalation of the Russia-Ukraine conflict pose significant headwinds for the USD/INR pair.
At the interbank foreign exchange, the rupee opened at 84.38 and moved in a tight range and touched 84.35 against the greenback, registering a gain of 6 paise over its previous close.
On Friday, the rupee recovered from its all-time low level and appreciated 9 paise to close at 84.41 against the U.S. dollar.
The Indian rupee opened with some gains as FPIs selling came down considerably and markets rose last Friday, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
"RBI has also warned banks from taking long side positions in the USDINR pair for speculation purposes," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.58 per cent at 106.93.
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