Forex News: Indian Rupee Rises To 3-day High Against U.S.

Indian Rupee Rises To 3-day High Against U.S. Dollar

(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the European session on Thursday, as traders speculate the Reserve Bank of India (RBI) is likely to have intervened in the foreign exchange market.

The anticipation came after huge outflow of foreign capital from the Indian stock market and increased oil prices as a result of the Middle East conflict.

In the meantime, countries that mostly rely on oil imports to cover their energy demands have seen their currencies severely damaged by rising global oil prices brought on by the conflict between the US, Israel, and Iran.

Since the U.S. President Donald Trump has predicted that the Middle East conflict will go for four to five weeks, it appears unlikely that it will end very soon. Iran has also refuted allegations that Tehran is willing to talk to Washington about parameters for a truce. According to Tasnim, a Tehrani official stated, "No message has been sent from Iran to the US, nor will any response be given to US messages." Tehran has also made threats of a prolonged war.

Against the U.S. dollar, the rupee rose to a 3-day high of 91.43 from an early low of 92.25.

If the rupee extends its uptrend, it is likely to find resistance around the 90.00 region.

Looking ahead, U.S. weekly jobless claims data, export and import prices for January are slated for release in the New York session.

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