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Forex

Rupee Edges Up Amid Oil Price Pressure

Guavy AI Editorial Team
Instruments
USD
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The Indian rupee began August 12 trading marginally higher against the US dollar, despite Brent crude prices nearing $90 a barrel.

Brent's proximity to this price level has put pressure on the currency, with Finrex predicting that ₹95.50 becomes an immediate level of interest for traders.

The rupee opened at 95.40 per dollar, up 4 paise from Tuesday's close of 95.44.

Oil companies are still buying US dollars to meet their daily requirements, while the Reserve Bank of India continues to support the rupee at various levels.

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