The Indian rupee was little changed against the U.S. dollar on Thursday as state-run banks bid for the greenback, traders said, keeping the local currency under pressure despite a plunge in oil prices.
The rupee traded at 82.79 per dollar as of 10:05 a.m. IST, against its previous close of 82.8025, and has moved in a narrow six paisa range so far.The rupee was expected to strengthen due to the slump in oil prices but a weaker greenback may have prompted dollar-buying and, hence, the currency has resumed its usual rangebound trading, a dealer added.
Brent crude futures have tumbled nearly 9.5% in the past two sessions – the biggest slide in the first couple of trading days of any year for over three decades – on worries over demand from China and the world economic outlook.The dollar index slipped 0.5% overnight following minutes of the U.S. Federal Reserve's December policy meeting, tracking a 9 basis point fall in benchmark Treasury yields .
As the U.S. economy cools, investors are perhaps thinking that "the Fed's 'no cuts in 2023' view may be more for cosmetic purposes than a decision that is already carved in stone," ING analysts said in a note. The minutes did not impact expectations for the Fed's February meeting. Futures show a 67% likelihood of the U.S. central bank hiking rates by a smaller 25 bps.to the lowest level since February 2016.
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