Rupee declines first time in eight sessions as Brent oil prices rise above $112
On Thursday, the Indian rupee declined for the first time in eight trading sessions. This occurred even amid foreign portfolio investment inflows for the Jio Platforms IPO. Brent oil prices climbed to over $112 per barrel, contributing to the rupee's fall. Currency traders predict the rupee will trade between 94.50 and 95.25 on Friday. The Reserve Bank of India may intervene near 95 per dollar levels.
Mumbai: The Indian rupee weakened for the first-time in eight trading sessions on Thursday, despite FPI inflows for the Jio Platforms IPO, as Brent oil prices climbed to their highest since May.Read more: Jio leverage play pops up at SBI as India brokers lure IPO bets The currency closed at 94.81, versus its previous close of 94.46, as Brent prices were over $112 per barrel.Read more: Record galore!
Jio IPO claims crown for highest QIB demand among India’s 5 largest issues, edges past NSEThe currency is expected to trade between 94.50 and 95.25 on Friday, while the RBI is expected to intervene and sell dollars near 95 per dollar levels, traders said.(You can now subscribe to our ETMarkets WhatsApp channel)
