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Indian rupee slips as oil prices rise and USD/INR edges higher

USD/INR was up 0.18% to about 95.99, while the October 19 MCX crude contract gained 4% to near Rs. 9,200.

Reported · Written up by our desk · Major Pairs

The Indian rupee opened the week weaker against the US dollar, with USD/INR rising 0.18% to near 95.99, after oil prices gained over the weekend, according to FXStreet.

FXStreet also linked the move to crude price strength in the MCX Crude Oil contract expiring October 19, which was up 4% to around Rs. 9,200.

The outlet said the rupee typically underperforms when oil prices rise because oil-importing economies like India face higher costs in a high-oil environment.

FXStreet added that the Reserve Bank of India continues to support the currency through intervention in both spot and Non-Deliverable Forwards markets, as traders cited by Reuters said the RBI is seeking to keep a firm floor under the rupee for now.

Latest closeWTI crude $92.44 ▼2.3%

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