Rupee steady against the greenback as crude oil prices take a downturn ahead of Fed meeting

15 Mar 2022 , 12:30 PM

The Indian currency gained footing against the US Dollar as traders cheer over a continual decline in global crude oil prices, easing the concerns over higher domestic inflation and a wider trade deficit.

The Indian rupee bolstered ahead of US Federal Reserve’s policy statement on Wednesday, in which investors anticipate a sharp hike in interest rates.

The local currency was currently trading at 76.48 per US Dollar against its previous close of 76.56/$. Indian Rupee moved in a band of 76.5422 – 76.4387 so far in today’s trade.

As the conflicts between Russia and Ukraine seem to be cooling off, global crude oil prices are sliding. Brent Crude Oil futures were trading at $102.06, down by 4.84% against its previous close. WTI Crude was trading 5.29% lower at $97.53 per barrel.

US Dollar index was trading marginally down at 98.92 points against its previous close of 99 points, contributing to the local currency’s strength.

However, globally, traders remained cautious eyeing the Fed meeting’s conclusion as it hinted at a faster hike in interest to cope with the inflation in the world’s largest economy.

On the domestic front, broader Indian indices remained dramatic throughout the day with marginal gains. BSE Sensex was trading marginally up at 56,490 points against its previous closing of 56,486 points. NSE Nifty was at 16,872 points.