Rupee weakens as strong USD offsets oil price drop
after close1 source ↓written by the desknot a recommendation
- as the Greenback
- 95.72
- in oil prices
- 1.43% drop
- PMI improved
- 56.5
The Indian Rupee (INR) weakened against the US Dollar (USD), trading around 95.72 as the Greenback strengthened on expectations of further Federal Reserve rate hikes. Despite a 1.43% drop in oil prices, the USD's momentum pressured the INR. India's flash HSBC Composite PMI improved to 56.5, indicating stronger economic activity.
Not investment advice. For informational purposes only.