Indian Rupee: Higher Oil prices keep pressure – Commerzbank
Commerzbank strategists note that USD/INR climbed to a new record high as elevated global Oil prices and firm domestic Dollar demand from importers weigh on the Indian currency.
The Indian Rupee is likely to continue facing downward pressure due to sustained high oil prices and strong dollar demand from importers. This may lead to further depreciation of the INR against the USD.
Commerzbank strategists note that USD/INR climbed to a new record high as elevated global Oil prices and firm domestic Dollar demand from importers weigh on the Indian currency.
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