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Indian rupee firms versus dollar as oil prices ease

USD/INR fell to about 95.84, supported by RBI intervention and a dovish shift in Fed rate expectations.

Reported · Written up by our desk · Major Pairs

The Indian rupee strengthened against the US dollar on Wednesday, with USD/INR dropping to around 95.84, according to FXStreet.

FXStreet linked the move to temporary support from Reserve Bank of India intervention via spot markets and non-deliverable forwards, alongside lower oil prices.

The outlet also pointed to a dovish revision in Federal Reserve interest rate expectations as another factor behind the currency shift.

FXStreet noted MCX Crude Oil for the October 19 contract was down 0.82% to roughly Rs. 8,600, and cited commentary from Deutsche Bank and Goldman Sachs on oil flow normalization in the Persian Gulf, while also flagging analysts concerns that oil weakness could reverse if US-Iran diplomacy disappoints.

Latest closeWTI crude $91.10 ▲3.2%

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