India Rupee Steady As State-Run Banks’ Dollar Bids Offset Oil Impact

India Rupee Steady As State-Run Banks’ Dollar Bids Offset Oil Impact

25 Jun 2019 06:50 PM
 
The Indian rupee was little changed against the dollar as greenback demand from state-run lenders offset the impact of lower crude oil prices. The rupee ended at 69.34 to a dollar, against 69.35 at the previous close. The local unit opened at 69.32 and briefly rose to a day’s high of 69.23, also the highest since Jun. 7, before erasing all of its gains to decline to 69.40. Rupee is a comparatively attractive option among other emerging market currencies for carry trade, as Indian interest rate is high with a relatively stable economy. Hence hopes of more Fed rate cut has been positive for rupee.

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