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 rupe...
By ET Bureau |
Agencies
The currency is expected to trade between 94.50 and 95.25 on Friday.
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 NSE
The 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.
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 NSE
The 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.
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