Indian rupee nudges higher, forward premiums dip with focus on US midterm, oil moves

Business Recorder reported that the Indian rupee ended Tuesday at 94.74 per dollar, compared with 94.90 in the prior session. It had strengthened to 94.62 earlier, but the advance faded as oil prices recovered by more than $1 after a steep fall the day before.

Traders were also watching the US midterm vote and developments in the Iran war, which the report said is contributing to global energy costs and economic risks for India, an importer of about 90% of its oil needs. Dollar-rupee forward premiums edged down, while options and forward-market signals showed continuing demand for protection against another rupee decline. ING said the election outcome was unlikely to reshape foreign-exchange markets structurally, though a Democratic win in both chambers could weigh on the dollar in the short term.