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Rupee recovers after breaching 86-mark as dollar, oil prices ease
The domestic currency opened 7 paise higher at 86.01 against the dollar on Friday, according to Bloomberg. The rupee has witnessed 0.44 per cent depreciation in the current calendar year and a 0.23 per cent fall this week.
On Thursday, the dollar buying was largely driven by outflows related to an initial public offering (IPO) that was subscribed 63 times, with allotment completed the same day, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said.
"Exporters, having sold near 86.00–86.05, may wait for further depreciation today or on Monday. Importers are advised to hold for now, though a breach of the 86.10 level could trigger further dollar buying," Bhansali said.
The dollar fell after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to support a labour market that is showing signs of weakness, Bloomberg reported. Furthermore, US retail sales rebounded in June above estimates while the US unemployment benefits declined for a fifth straight week to the lowest since mid-April.
The dollar index, a measure of the greenback against a basket of six major currencies, was down 0.3 per cent at 98.45.
However, markets remained largely steady on the Fed outlook, with no significant change in expectations for a September rate cut or the total number of rate cuts anticipated in 2025, reports said.
In commodities, crude oil prices dropped in Asian trade after sharp gains, fuelled by drone attacks on Iraqi oil fields. Brent crude price was down 0.14 per cent at 69.42 per barrel, while WTI crude prices were lower by 0.16 per cent at 67.43, as of 9:18 AM IST.
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