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Forex

Rupee Faces Fresh Oil Test Ahead of US Jobs Data

Guavy AI Editorial Team
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USD
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India's rupee is set to face a tough test on Friday as Brent crude oil prices near $84 per barrel due to fresh tensions in the Strait of Hormuz. This comes just before the US nonfarm payrolls data release, which could further boost the dollar and put additional pressure on the rupee.

The Reserve Bank of India (RBI) will be closely watched as it intervenes in currency markets by selling dollars to meet importer demand and stabilize the rupee. With Brent crude higher, importers need more US dollars to pay for oil shipments, which can push USD/INR higher.

Market participants are eyeing an opening range of 95.35-95.40 per dollar after Thursday's close at 95.22. The RBI's dollar sales have helped the rupee move back below 95 in the past when Brent slipped under $80.

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