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Rupee edges lower as USD/INR rebounds near 95.22

USD/INR rose to around 95.22 after rebounding from the prior day’s monthly low of 94.83, as oil prices softened and investors awaited US Nonfarm Payrolls.

Reported · Written up by our desk · Major Pairs

The Indian rupee weakened versus the US dollar on Thursday, with USD/INR rising to near 95.22 after rebounding from a fresh monthly low of 94.83 recorded the previous day, FXStreet reported.

The article ties the currency move to expectations around energy flows, noting that crude prices were near a three week low as the market looked for normalization of shipping through the Strait of Hormuz after Iran said it reached an agreement with Oman on a proposed route.

Rabobank said Brent crude held just below the $80 level and argued the Oman accord could increase the prospect of more energy flows resuming through the key chokepoint, while emphasizing it was not the Iran-US deal the US has been seeking.

On the policy front, FXStreet said the Reserve Bank of India kept its Repo Rate unchanged at 5.25%, while lowering its inflation forecast for the year to 5% and warning that core pressures could rise to 5.9% in the third quarter, as investors waited for further signals on how long the RBI will maintain its stance.

Latest closeWTI crude $75.12 ▼0.9%|Brent $79.49 ▲0.2%

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