Mumbai, Oct. 16 (BNA): The Indian rupee was little changed on Monday despite weakness among most of its Asian peers as likely U.S. dollar sales from the Reserve Bank of India (RBI) supported the local unit in the face of rising oil prices.
The rupee was held in a narrow range between 83.25 and 83.2650 during early trading on Monday, according to Reuters.
The RBI was likely selling U.S. dollars near the 83.25 level, a foreign exchange trader at a state-run bank said. “It’s the same as last week.”
Brent crude oil futures climbed over 6% on Friday and were last quoted higher at $90.92.
For every $10 climb in oil prices, India’s current account deficit as a percentage of GDP stands to widen by ~35-40bps, DBS Bank stated in a note.
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