Rupee to rely on RBI’s intervention amid surging oil prices: Traders
The Indian rupee will be pressured by the jump in oil prices over the Middle East conflict and may again have to count on the central bank’s assistance, traders said.
Non-deliverable forwards (NDFs) indicate rupee will open at around 83.25-83.26 to the U.S. dollar, barely changed from the previous session.
Brent crude was at $90.88 in Asia after soaring nearly 6% on Friday – its biggest advance since April – on Israeli military beginning the first ground raids into the Gaza Strip. U.S. equities declined on Friday when the dollar index edged up while safe-haven demand pushed U.S. Treasury yields down.
