The Indian rupee gained against US dollar on Friday. According to the latest information, the rupee rose 3 paise to 82.21 against the US dollar in early trade.
The rupee was trading in a narrow range against the U.S. dollar in opening trade on October 13, tracking a downtrend in domestic equities amid weak market.
According to Bloomberg, the rupee closed at 82.2325 per dollar, down from its previous finish of 82.3500, where it had opened at 82.2738.
Reuters reported that the USD/INR 1-month non-deliverable forward jumped to 83 initially, but similar to the dollar index, retreated to near 82.50.
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According to a trader at a Mumbai-based bank, the rupee would start the day near its weekly high of about 82.15-82.17, and it “would not be a surprise” if the early advance does not last. The merchant also mentioned potential interest from importers in purchasing dollars.
Oil prices reversed earlier losses and inched up in early Asia trade on falling diesel inventories even as Saudi Arabia and the United States continued to argue about the Organization of the Petroleum Exporting Countries’ intentions to cut production.
Wall Street equities saw a significant sell-off on Thursday, but then made an amazing recovery. In a session that was incredibly turbulent, they closed much higher as investors rushed back into riskier bets, matching advances in Asian equities and currencies.
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“Asian markets will probably play catch-up in early trading today, but after that, they might do better to take a more cautious stance ahead of the weekend,” said Robert Carnell, Regional Head of Research for Asia-Pacific at ING.
On Thursday, US core inflation, which excludes food and fuel prices, exceeded expectations and came in at 6.6 per cent, the largest annual increase in 40 years, driven primarily by significant price increases in the services sector.
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