The Indian rupee fell to 82.6613 per dollar, down from 82.6162 in the previous session . The drop in crude prices overnight helped the rupee a little bit on Wednesday .
Oil prices dropped on Wednesday after the Indian rupee fell to 82.6613 per dollar, down from 82.6162 in the previous session, the lowest level in over a month, according to Anil Kumar Bhansali, the head of Treasury at Finrex Treasury Advisors.However, a drop in crude prices overnight helped the rupee a little bit on Wednesday, as India imports over 85 percent of its oil, according to a Mumbai-based bank trader.The positive opening is more of a sign of markets looking to see how long the rupees' unexpected decline to just below 82 is.Brent oil fell by almost 4 percent due to uncertainty about how demand would improve in the face of global economic uncertainties.High inflation worries were alleviated with Brent oil hitting $80 a barrel.
The Chinese yuan, on the other hand, was still above 7.00 per dollar, according to Finrex Treasury Advisors Mr Bhansali.We have the RBI strategy today, with the central bank expected to increase by another 25-35bps before implying a pause as inflation around the world declines.The rupee is expected to trade in a range of 82-83 with a close eye on the RBI's policy decision and its words on future rates, according to a Mumbai-based trader, who warned that the banks were bracing for a slowdown on the US dollar next year as inflation threatens consumer demand.The dollar index, which is measured in bps, is priced in and will not have a detrimental effect in the current context, according to Joseph Capurso, the