Rupee trades down at 83.19 a dollar amid mixed trend in Asian currencies

Brent oil prices rose to $ 80.75 per barrel on Red Sea woes as well as reports of US refilling it's strategic petroleum reserves

The rupee opened marginally lower against the dollar tracking mixed trends in Asian currencies.

At 9.10am, the home currency was trading at 83.19 a dollar, down 0.02 percent from its previous close of 83.19.

The Indian current account deficit for July- September 2023-24 fell to $8.3 billion as against a deficit of $30.9 billion in the same period last year and $9.2 billion last quarter.

The current account deficit is expected to be higher in the October- December quarter of 2023-24 due to higher trade deficit in October 2023, according to traders.

Brent oil prices soared to $80.75 a barrel on the Red Sea woes as well as reports of US refilling it's strategic petroleum reserves.

The dollar was under pressure in thin trade as the euro flirted with a four-month peak on expectations of the Fed cutting rates and thin year-end flows keeping movement limited. As most traders are on holiday trading is likely to be muted.

Asian currencies were trading mixed. Philippines peso fell 0.51 percent, China offshore lost 0.14 percent while Japanese yen declined 0.1 percent. Among gainers. Indonesian rupiah rose 0.55 percent, Taiwan dollar up 0.33 percent, Thai Baht 0.3 percent while Malaysian ringgit 0.1 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.554, up 0.09 percent from its previous close of 101.47.

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