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The Economic Times

Indian rupee ends flat at 94.4850 per dollar as RBI dollar sales offset oil-price pressure

AI Market Summary
India's rupee ended flat as RBI dollar sales offset pressure from higher Brent crude near six-week highs, underscoring FX sensitivity to energy import costs and current-account risk. Heightened shipping-security concerns around the Strait of Hormuz and Goldman's upside oil scenario keep risk premia elevated. Meanwhile, firmer Fed hike odds after strong US jobs data add a cross-current for EM FX despite a slightly softer DXY.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT+0.84%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
● Neutral
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The Indian rupee closed essentially unchanged on Monday, with the central bank supporting the currency through dollar sales. Brent crude rose to $96.6 a barrel, and Goldman Sachs warned prices could reach $120 if attacks on shipping escalate, adding to pressure on India’s current account. After strong U.S. jobs data, markets priced about a 57% chance of a Federal Reserve rate hike this month, while the dollar index eased to 98.9 and Asian currencies were mixed.
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