Rupee Hits 94.66 as Brent Crude Nears USD 97
The Indian rupee depreciated by 10 paise to reach 94.66 against the US dollar on Tuesday, as Brent crude prices approached USD 97 per barrel and geopolitical tensions in the Middle East weighed on investor confidence.
Despite strong foreign-currency inflows under special schemes, the RBI's ongoing dollar sales helped keep the rupee within a relatively narrow range.
As of now, the rupee is expected to remain between 94.00 and 94.75, according to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Bhansali noted that market participants are awaiting key economic data releases, including US and India CPI (Consumer Price Index) numbers, as well as the FOMC (Federal Open Market Committee) meeting on September 16 for further cues.