USD/INR Recovers Near 94.68 From Two-Month Low as Oil Extends Rally

The USD/INR pair recovers to near 94.68 from its two-month low of 94.29 posted last week as higher oil prices outweigh a softer US Dollar ahead of Friday’s US CPI. A separate stamp on the same page puts USD/INR at 94.69. The US Dollar Index trades 0.1% lower to near 98.80.

Oil tape: MCX, OCBC, SocGen

The MCX Crude Oil contract expiring September 21 is up 0.6% to near Rs. 8,818, the highest level since May 22. OCBC sees an unfavourable backdrop for much of Asia ex-Japan given energy-import dependence, which could restrain FX appreciation even if the broader USD stays contained. SocGen says Brent has crossed a multi-month descending trend line and is gradually advancing toward the July peak around $102; a move above $102 may extend toward $108/$110 and $117.

This is a separate URL from Monday’s USD/INR open near 94.38. WTI Asia and WTI $91.15.

Informational only. Not trading advice, signals, or a guarantee of any market outcome.