Rupee holds steady against greenback as crude oil prices, bond yields withdraw from multi-year highs

20 Jan 2022 , 01:32 PM

At the interbank forex market, the Rupee held a steady ground against the US dollar as global crude oil prices pull back from their seven-year highs. Also, the greenback coupled with benchmark 10-year yields also retreated their multi-year highs. 

Indian Rupee opened at 74.3980/$1 against the previous closing of 74.4250/$1. The rupee jigged in a band of 74.3750-74.4650 per US dollar.

International oil prices have surged considerably lately, reaching their highest levels over 7-years due to rising concerns about the covid variant Omicron impact on the prospects of global economic recovery. 

Brent Crude futures plunged by 0.81 per cent to trade at $87.72 per barrel. The global crude benchmark touched $89.13 per barrel in its previous session, the highest-ever in seven years.

US West Texas Intermediate crude dipped 96 cents in today’s trade and stand at $86 per barrel.

The US dollar index also reported a jump earlier up to 95.57 last week due to increasing Treasury Bond Yields. It is currently at 95.45 levels, against the previous 95.51 points.

Experts believe that the current range will hold unless Fed turns too hawkish anytime soon. Investors await US Federal Reserve’s meeting which is due next week.