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Rupees gains 17 paise to 85.40 against US dollar on lower oil prices following Moody’s US rating downgrade

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Rupees gains 17 paise to 85.40 against US dollar on lower oil prices following Moody’s US rating downgrade

The Indian rupee appreciated by 17 paise to close at 85.40 against the US dollar on Monday, buoyed by a weaker dollar index and a decline in global crude oil prices. Caution in global markets following Moody’s downgrade of the US sovereign credit rating also contributed to the dollar’s weakness.At the interbank foreign exchange, the domestic currency opened at 85.43 and traded in a range between an intra-day high of 85.35 and a low of 85.61. It eventually settled at 85.40 (provisional), gaining 17 paise from its previous close of 85.57 on Friday, news agency PTI reported.“We expect the rupee to trade with a positive bias amid persistent weakness in US dollar index and a weak tone in global crude oil prices,” said Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan. He added that weak domestic equities may limit the rupee’s upside in the near term.Choudhary forecasted the USD-INR spot price to remain within a band of 85.10 to 85.65.The dollar index, which measures the greenback against six major global currencies, dropped 0.86% to 100.22, extending its decline after Moody’s Ratings downgraded the US credit rating from AAA to AA1. Disappointing economic data released in the US on Friday also weighed on investor sentiment.In global commodity markets, Brent crude, the international oil benchmark, fell 0.78% to USD 64.90 per barrel in futures trading.Traders highlighted that although lower crude prices benefit India’s import bill, a potential rise in dollar demand amid trade deficit pressures could pose further challenges for the rupee.On the equity front, the BSE Sensex declined 271.17 points, or 0.33%, to end at 82,059.42, while the Nifty 50 dropped 75.35 points, or 0.30%, to 24,944.45.According to exchange data, foreign institutional investors (FIIs) were net buyers on Friday, investing Rs 8,831.05 crore in Indian equities.Meanwhile, India’s foreign exchange reserves surged by USD 4.553 billion to USD 690.617 billion during the week ended May 9, driven primarily by an increase in gold reserves, according to data released by the Reserve Bank of India (RBI). In the prior week, reserves had declined by USD 2.065 billion. The country’s forex reserves had previously hit a record high of USD 704.885 billion in September 2024.





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