Rupee vs dollar (INR vs USD) Currency Exchange Rate: Rupee Edges Lower Against US Dollar

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The rupee edged lower against the US dollar in early trade on Thursday, a day after official data showed consumer inflation hit a seven-month high. After opening marginally higher against the greenback at 69.37, the rupee moved to 69.38 in the first hour of trade. Crude oil prices lowering to near five-month lows supported the rupee however strength in the dollar overseas kept the advances in check, say analysts. The rupee had closed at 69.35 against the dollar on Wednesday. 

Crude oil prices hovered near five-month lows on Thursday, pressured by another unexpected rise in US crude stockpiles as well as the bleaker outlook for demand posed by prospects of a protracted trade war between China and the United States.

Brent crude futures – the global benchmark for crude oil – barely moved at $60.06 in early trade after a 3.7 per cent slide on Wednesday to $59.97 a barrel – the lowest close recorded since January 28.

The dollar index – which measures the greenback against six major peers – dipped as much as 0.11 per cent in intraday trade on Thursday, having risen more than 0.3 per cent overnight. It was last seen trading 0.05 per cent lower during the session. 

Weakness in the domestic equity markets, with the Sensex falling over 200 points, or 0.54 per cent, in the first hour of trade also put pressure on the rupee in the forex market. 

Till Wednesday’s closing price, the rupee had advanced 0.6 per cent against the dollar so far this calendar year. 

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Author: ApnayOnline is an oline news portal which aims to provide latest trendy news around the Asia

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