The Indian rupee gained today as falling prices for crude oil eased fears about potential increase of the nation’s trade balance deficit. The currency was heading for a first weekly gain in a month.
The rally of crude oil prices faltered on speculations that the conflict in Iraq will not impact supply to a great degree. In fact, Iraqi officials were even promising to increase exports. While prices for crude rose today, they were still heading for a first weekly decline since the crisis in Iraq has started. Previously, the Indian rupee was falling on concerns about negative impact of high energy prices on India’s trade balance.
USD/INR fell from 60.1700 to 60.0900 as of 14:28 GMT today.
If you have any questions, comments or opinions regarding the Indian Rupee,
feel free to post them using the commentary form below.
