- May 16, 2023
- Posted by: AliensFaith
- Category: OBJECTIVE PRESS
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The Indian rupee rose slightly, closing at 82.2050 to the US dollar, following weaker economic data from the US and a slightly weaker dollar. Although the movement of the rupee is closely linked to global concerns such as the US debt ceiling, India’s trade deficit in April decreased to $15.2bn compared to the previous month. However, the US purchasing oil for its Strategic Petroleum Reserve could spell trouble for the rupee, which has so far benefited from a drop in crude oil prices. Rising oil prices could also cause the USD/INR pair to break past the 82.50-82.80 levels.
