Neutral impactEconomy
Rupee unlikely to breach 97 despite high crude prices and strong dollar: Naveen Mathur
CNBC-TV18 1 hr ago·29 Sept 2026, 7:09 am
The Indian rupee is facing headwinds from rising global crude oil prices and a stronger US dollar, which typically put downward pressure on the currency. However, Naveen Mathur of Anand Rathi believes the Reserve Bank of India's (RBI) substantial foreign exchange reserves will act as a strong buffer. This ample liquidity is expected to prevent the rupee from breaking the 97 level against the dollar, despite the external challenges.
For investors, the stability of the rupee is crucial as it directly impacts the cost of imported goods and the balance of payments. A stable currency helps maintain inflation control and investor confidence. Mathur also anticipates the RBI will maintain its hawkish stance, potentially raising interest rates by 25 basis points in October. Investors should watch for any signs of a sudden spike in crude prices or a sharp deterioration in global risk sentiment, as these could force the RBI to intervene more aggressively to defend the rupee.
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- Category: Economy.
- Assessed as a significant, market-relevant update.
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