Rupee Gains Sharply Against US Dollar Today, Rises To 2-Week High
The rupee continued its bounce-back today against the US dollar amid cooling global crude prices. A pullback in global crude prices helped lift the Indian currency after it fell to an 18-month low last week. At day's high today, the rupee rose to a two-week high of 67.29 per US dollar, as compared to its Friday's close of 67.78. On Friday, the rupee had locked its biggest single-session rally by rising 56 paise. A rally in domestic stock prices also helped in lifting the rupee against the greenback. The rupee traded between 67.53 and 67.29 against the dollar during today's session. The rupee closed 35 paise higher at 67.43 against US dollar, also a two-week closing high.Â
Here are 5 things to know about the US dollar vs rupee exchange rate today:
1) The fall in crude oil prices has helped soothe the stock market as well as and the rupee sentiment, Devendra Nevgi, founder and principal Partner of Delta Global Partners, told news agency IANS. Brent crude futures dropped 2.6 per cent today to below $75 per barrel, their lowest level in about three weeks.
2) Global oil prices have cooled recently on growing expectations that major oil producers may ease their production cuts. A return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for easing curbs, Russia's energy minister said on Saturday.
3) Concerns over fiscal deficit and current account deficit amid rising global crude oil prices have been weighing on the rupee, which has fallen sharply against the US dollar this year. The rupee may see a bit of respite as crude prices have cooled off significantly, says forex advisory firm IFA Global.
4) Forex traders will also watch out the first quarter GDP data, likely to be announced later this week. On the global front, US GDP numbers, jobs report, and Eurozone inflation numbers are also due this week. On the geopolitical front, traders would be closely developments from US-North Korea front and US-China trade talks.
5) The upside in rupee's gains could be capped as US dollar continues to remain strong against a basket of global currencies. The dollar index, which measures the greenback against a basket of six major currencies, stood at 93.996, not far from its highest since November 14. (With Agency Inputs)(With agency inputs)
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