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Rupee holds steady as oil slips and RBI support kicks in

USD/INR was trading near 96.00 at the open, while MCX crude for Oct. 19 fell 0.45% to about Rs. 8,635.

Reported · Written up by our desk · Major Pairs

FXStreet said the Indian rupee opened flat versus the US dollar on Wednesday, with USD/INR wobbling near 96.00.

The outlet cited temporary support from consistent Reserve Bank of India intervention in spot and non-deliverable forwards markets, along with a drop in oil prices.

In the opening session, the MCX Crude Oil contract expiring October 19 was down 0.45% to near Rs. 8,635, which provided some relief for India as an oil importer.

FXStreet also noted analysts remarks that recent Brent strength was moderated by partial restoration of flows through Saudi Arabia’s East-West pipeline, while other experts questioned whether the oil correction can hold and flagged potential upside risks tied to uncertainty in US-Iran diplomacy.

Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%

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