USD/INR recovers near 94.68 from last week’s two-month low of 94.29 as oil extends its rally. DXY is near 98.80 (−0.1%).
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.
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.
Also see: USD/INR Extends Decline, Marginally Above 95.00 as Oil Surges on US–Iran Tit-for-Tat.
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USD/INR hits a fresh 10-day high at 95.47 as oil extends its rally on intact US–Iran tensions. RBI still intervening in spot and NDF; FCNR mobilisation stamped at $136.38bn.