Rupee gains on corporate investments, cheaper global oil prices

Currency could be poised to gain after recent sharp underperformance, say analysts

The rupee strengthened sharply on Thursday due to corporate investments, a decline in global crude oil prices and as some traders bet on the currency to reverse a recent spell of underperformance, dealers said.
 
The rupee settled at 82.55 per US dollar on Thursday as against 82.81 at previous close. The rupee depreciated around 10 per cent against the greenback in 2022.
 
Dealers said that while the US Federal Reserve’s decision to opt for a lower quantum of rate increase in December had led to hope of the American central bank slowing down on monetary tightening, the minutes