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Indian rupee slips versus dollar as oil prices rise

USD/INR was up 0.15% to about 95.95, with oil gains linked to renewed concerns over Iran after remarks by President Trump, while the RBI continued supporting the rupee via spot and NDF intervention.

Reported · Written up by our desk · Major Pairs

The Indian rupee opened the week lower against the US dollar, with the USD/INR pair up 0.15% to near 95.95, according to FXStreet.

FXStreet linked the move to a jump in oil prices over the weekend, noting that the MCX Crude Oil contract expiring October 19 was up 1.7% to around Rs. 9,000.

The outlet said currencies like the rupee can struggle when oil prices rise because oil-importing economies face higher costs.

FXStreet also cited Reuters, saying the Reserve Bank of India has continued intervening in both spot and Non-Deliverable Forwards markets to keep a firm floor under the rupee.

Latest closeWTI crude $92.44 ▼2.3%

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