Rupee Outlook: Why Crude Oil Is Key, USD/INR Range & Levels To Watch

The rupee has stabilised after touching levels near 96.7 against the US dollar, supported by FCNR-B deposits, even as crude oil prices remain elevated. Chandan Taparia, Head Derivatives & Technical, Wealth Management, Motilal Oswal Financial Services, shares his medium- to long-term outlook for the rupee and key USDINR levels. He expects the rupee to remain range-bound, with 96.25 acting as an important hurdle and 94 as a key downside level. According to him, the rupee can remain stable as long as volatility is contained. However, a sustained recovery in Indian equities could depend heavily on crude oil falling below $85.