Rupee Climbs Amid Global Risk Aversion and Rising Oil Prices

The Indian rupee gained 3 paise to close at 95.33 against the US dollar on August 12, as hopes of a quick US-Iran agreement and reopening of the Strait of Hormuz faded.

According to forex traders, Brent crude is moving towards $90 per barrel amid risk aversion in global markets.

The rupee opened at 95.40 against the greenback and traded in a range of 95.24-95.43 during the session, eventually settling at 95.33 (provisional), higher by 3 paise from its previous close.

Amit Pabari of CR Forex Advisors said that the US CPI print is a key factor for the USD/INR pair, and a hotter-than-expected reading could strengthen expectations of a September Fed rate hike, pushing yields and the dollar higher.