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The Indian rupee was expected to open marginally higher on Friday, tracking gains in Asian currencies on bets that the Federal Reserve would pivot to rate cuts as early as the next quarter. Brent crude had fallen more than 4% over three days to below $77.50 a barrel.
Overseas investors bought $9.3 billion of Indian bonds and equities in December, the highest monthly total of the year.
A firmer rupee and softer crude reduce import costs for India, a major buyer of vegetable oils and feed inputs. The story signals little direct grain price impact, so the effect on feed markets is limited.
brecorder.comReutersJan 1, 2024Not enough comparable past events yet for a historical read.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
