# Rupee's upward momentum runs into Fed, dollar buying by oil companies

> The Indian rupee gave up some of its upward momentum on Friday, trading near 82.87 per U.S. dollar after its best day of the year. Dollar demand from oil companies and other importers, along with the Federal Reserve's reluctance to cut rates early, limited the gains.

- Date: 2024-02-23 · published 2024-02-23T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/31964-rupee-s-upward-momentum-runs-into-fed-dollar-buying-by-oil-companies
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Steady dollar demand from importers and higher U.S. yields cap rupee strength, so USD/INR is likely to stay firm near current levels.

## Read by commodity

- USDINR: neutral

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/rupees-upward-momentum-runs-into-fed-dollar-buying-by-oil-companies-2024-02-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.