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Indian rupee holds steady near 96.00 versus the US dollar

USD/INR was marked near 96.00 as lower oil prices offered support amid continued RBI intervention through spot and NDF markets.

Reported · Written up by our desk · Major Pairs

The Indian rupee opened flat against the US dollar on Wednesday, with the USD/INR pair hovering near 96.00, according to FXStreet.

FXStreet said the currency received temporary support from consistent Reserve Bank of India intervention via spot and Non-Deliverable Forwards markets, alongside a drop in oil prices.

In early trading, the MCX Crude Oil contract expiring on October 19 was down 0.45% to around Rs. 8,635, which the outlet linked to relief for India, given its reliance on oil imports.

FXStreet added that analysts cited by the outlet noted oil gains were moderated after Saudi Arabia restored about half of flows through its East-West pipeline, while others questioned whether the oil correction would last and flagged potential upside risks tied to expectations around US-Iran diplomacy.

Latest closeWTI crude $93.42 ▲1.1%

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