Mumbai: Rising crude oil prices along with foreign fund outflows are likely to weaken the Indian rupee against the US dollar in the near term. Besides,
Mumbai: Rising crude oil prices along with foreign fund outflows are likely to weaken the Indian rupee against the US dollar in the near term. Besides, the Reserve Bank of India’s upcoming monetary policy review will also have a bearing on the rupee’s movement. Lately, the global commodity prices have firmed up sharply in January 2022, with crude oil prices hovering close to $91 per barrel. Consequently, the rupee is expected to trade towards 75.50 to a dollar in the near term. Last week, the rupee closed at 74.70 to a US dollar. “Crude oil is finally above six-year’s level… It’s a lead indicator of global demand and also alarm for rupee at the same time,” said Sajal Gupta, Head, Forex and Rates, at Edelweiss Securities.
