Mumbai: The Indian rupee was among the worst performers in Asia this quarter and over the last 30 days, hit by worries over elevated crude prices and surging global bond yields that added to headwinds for local assets. The currency declined 0.7% on the month and 1.2% in the July-September quarter, averting steeper losses largely on the back of persistent interventions by the Reserve Bank of India. On Wednesday, it closed at 95.83 per dollar, up from 95.98 in the previous session.
The unit navigated a tumultuous quarter which saw benchmark Brent oil prices swing between $70 per barrel and nearly $110 as conflict between the US and Iran ebbed and flowed. “While higher oil prices may continue to weigh on the current account, we expect healthier capital flow dynamics and the RBI’s broad policy toolkit, including the potential to raise rates if necessary, to keep the rupee range-bound,” analysts at Goldman Sachs said in a note.
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