Forex
USD/INR Slides as Crude Oil and Strong Dollar Combine
The Indian Rupee (INR) continued to slide against the US Dollar (USD) on Thursday, pushing the USD/INR pair closer to 95.90.
The domestic currency faces renewed pressure from higher oil prices and sustained expectations of additional Federal Reserve interest rate hikes, which underpin the Greenback.
The MCX crude oil futures contract expiring on October 19 rebounded about 1% to Rs. 8,900 after touching a two-week low near Rs. 8,496.
The US Dollar Index (DXY) traded near an eight-week high of 101.23 at press time, with the broader US Dollar remaining firm.