The rupee recovered from its weakest level since Oct. 12 on Thursday, but reports gave different closing rates and prior-session benchmarks, complicating the picture of the currency’s daily move.
Reuters put Thursday’s closing rate at 95.26 rupees per U.S. dollar, compared with 95.22 for the previous session, and described the currency as little changed. The outlet also reported the dollar index at 102.26, up 0.1%.
Press Trust of India (PTI) reported a provisional close of 95.25 after an opening rate of 95.20 and a session low of 95.38. PTI compared its close with a previous-session rate of 95.28 and described the result as a three-paise gain. The two accounts differ on both Thursday’s closing quote and the benchmark for the daily move.
Reuters associated the rupee’s later rebound with softer oil prices and likely activity by the Reserve Bank of India (RBI). The agency also reported continuing dollar purchases by customers including electronics manufacturers and jewelry makers, and separately cited possible outflows for overseas debt repayments. PTI put Brent at $114.13 a barrel, down 1.03%, in its market snapshot.
The Federal Reserve kept its federal funds target range at 3.75%-4.00% on Oct. 28 in a 10-2 vote, with two policymakers favoring a quarter-point increase. Reuters said some market participants viewed the decision as modestly dovish. PTI cited Mirae Asset Sharekhan Research Analyst Anuj Choudhary, who saw mild pressure on the rupee from dollar strength and the Fed’s policy stance.
The U.S. Bureau of Economic Analysis scheduled September personal income and outlays, including PCE inflation, and the advance estimate of third-quarter GDP for 8:30 a.m. EDT Oct. 29.
