Indian Rupee Strengthens as Oil Prices Ease and Investors Watch Flows
Indian Rupee Strengthens as Oil Prices Ease and Investors Watch Flows
The rupee strengthened against the US dollar on Thursday as lower oil prices and improved market sentiment offered relief to India’s import-sensitive economy.
Reuters reported a close near 94.4750 per dollar, a gain of about 0.2% and the currency’s strongest close in two weeks. Indian shares and bonds also benefited from the decline in energy-price pressure.
The move is not a guarantee of a lasting recovery. Currency traders are monitoring foreign investment flows, energy-market developments and US policy decisions for clues about whether the improvement can continue.
