Indian rupee to receive help from pullback in oil, traders eye US inflation
The Indian rupee on Thursday will be boosted by the pullback in oil prices and softer US Treasury yields, while investors wait for the important US inflation data due later in the day.
Non-deliverable forwards indicate rupee will open marginally higher than 83.1875 in the previous session.
Brent crude dipped in Asia to $85.40 per barrel, adding to Wednesday’s 2% fall fuelled by the larger-than-expected rise in US inventories.
Brent has surrendered a large part of the rally prompted by the military conflict in the Middle East and is now only about 1% higher than what it was prior to the crisis.
