AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

MUMBAI: The Indian rupee edged slightly lower on Monday, tracking mild weakness in its Asian peers and likely facing pressure from a jump in oil prices, amid concerns over potential supply disruptions in the Middle East.

The rupee was at 83.1450 as of 10:00 a.m. IST, compared with its previous closing at 83.1150.

The dollar index was largely steady near 103.5, while most Asian currencies logged marginal declines.

Brent crude oil futures were last quoted up 0.6% per barrel to the highest in nearly two months, following a rise of over 6% last week, as Houthi rebels stepped up attacks on vessels in the Red Sea.

Potential portfolio outflows and higher crude oil prices “could definitely push the rupee lower,” said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.

Foreign investors have net sold Indian equities worth nearly $3 billion in January so far, exceeding the $2.06 billion of debt-related inflows in the month.

Indian rupee little changed tracking mostly subdued Asian peers

Meanwhile, U.S. inflation data released on Friday showed that the personal consumption expenditures (PCE) price index increased 0.2% last month, along expected lines, while the annual inflation rate was under 3% for the third straight month.

Investors will closely monitor two events this week – the outcome of the U.S. Federal Reserve meeting and the presentation of India’s Federal Budget.

While the Fed is widely expected to keep rates unchanged this week, Chair Jerome Powell’s comments may offer cues on the potential timing of future rate cuts.

Investors are nearly evenly divided on whether the Fed will begin easing rates at its March meeting, according to CME’s FedWatch tool.

“Expecting a broadly quiet market heading into the Fed meeting … but any dovish tone from Fed could open up some room for rupee appreciation,” a foreign exchange trader at a private bank said.

Comments

Comments are closed.