Rupee Closes Flat As Falling Crude Prices Offset Dollar Index Rise
The local currency closed at Rs 83.59 against the greenback, according to Bloomberg.
The Indian rupee closed flat on Tuesday after a fall in Brent crude prices offset the rise in the US dollar index. The local currency closed at Rs 83.59 against the greenback, according to Bloomberg. It had closed at Rs 83.60 on Monday.
Brent crude fell 0.77% to $84.20 per barrel and the DXY was up 0.10% at 104.2980. Oil prices fell due to concerns about the slowing Chinese economy affecting demand.
China's second-quarter results of the gross domestic product came in lower than expected. However, the US Federal Reserve's expected interest rate cut in September has limited the declines.
"Crude prices fell to $84.5 a barrel, marking the third straight session of declines as concerns about demand in China, decline in domestic demand in June caused a monthly and annual decline in Chinese oil imports to 46.45 million tons," said Anil Bhansali, executive director of Finrex Treasury Advisors LLP.
