Rupee poised to open higher on oil plunge, fall in dollar index
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MUMBAI - The Indian rupee was expected to open higher against the dollar on Thursday, tracking declines in oil prices and the dollar index. The rupee is seen opening around 82.70-82.75 per dollar, compared with 82.8025 on Wednesday.
Brent crude futures tumbled 5.2% overnight, adding to the previous day's 4.4% decline. Oil prices have posted the biggest percentage loss in the first two trading days of any year for over three decades on worries over demand from China and the world economic outlook.
Weaker oil prices will alleviate concerns over higher current account deficit, with analysts already predicting a print of below 3% of GDP in the current year, said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
