Rupee opened stronger at 85.82 against the greenback, according to Bloomberg. The currency had strengthened by 4 paise against the dollar on Tuesday. It had closed at Rs 85.72 on Tuesday.
“Indian rupee pared all its gains of yesterday up to 85.65 and was to open at 85.80, with a close watch on what RBI does at these levels after buying dollars yesterday at 85.65,” said Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.
Bhansali expects the rupee to trade in Rs 85.65 to 85.90 range on Wednesday, with exporters on the watchful side for hedging. The dollar is still a ‘buy on dips’ for importers.
Dollar Index And Crude Oil
The US numbers have been strong pushing US yields higher. There is even a discussion on whether they will cut or hike. Traders are waiting for NFPR data on Friday as well as Trump Inauguration on Jan. 20, when US President-elect Donald Trump announces a flurry of policies and executive orders.
The dollar index followed the US yields as it moved higher on stronger US data, paring US rate cuts in 2025. The dollar index was at 108.58, while US 10-year yields were higher at 4.6770%, according to Bhansali.
US Dollar Index stood at 108.61 and was 0.06% higher. While Brent Crude price was at $77.37, up 0.32%.
Brent oil prices rose on Wednesday on tighter supplies from Russia and OPEC members, while data from US showed an unexpected increase in US job openings pointed to expanding economic activity and consequently growth in oil demand. Brent oil was at $77.41 per barrel, as oil output from OPEC countries fell in December after two months of increase, while Russia’s oil output averaged below the country’s target, noted Bhansali.
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