The INR is forecast to open higher versus the USD as declining oil prices and softer US Treasury yields weigh on the dollar.
The Indian Rupee is expected to open stronger against the US Dollar on Thursday, following a 0.35% decline in the USD/INR pair to near 95.40 on Tuesday. The move comes amid a drop in global oil prices, which has eased pressure on India’s import costs and supported the rupee’s outlook.
Prior to the holiday on Wednesday, the rupee had weakened slightly but remained resilient as softer US Treasury yields reduced demand for the dollar. Analysts noted that lower oil prices typically benefit India, a major crude importer, by narrowing its trade deficit.
No immediate market reaction was reported, though traders are monitoring oil price trends and US bond yields for further direction.