◂ Event Timeline

Jul 31, 2023MACROIndia

Indian rupee set for monthly decline, premiums little changed in July

The Indian rupee dropped on Monday and was set for a monthly decline, trading near 82.26 per dollar. The RBI reportedly bought dollars around 81.70-81.75 to prevent appreciation, and Brent crude rose about 12.5% in July.

WHY IT MATTERS

A weaker rupee raises the local cost of imported feed inputs such as soymeal and corn, while higher crude supports biofuel-linked demand and freight costs.

AFFECTSIndian Rupee (INR per USD)▲Crude Oil (Brent)▲

SOURCE
khaleejtimes.comReutersJul 31, 2023

Price reaction & history

Indian Rupee (INR per USD)▲bullish

Not enough comparable past events yet for a historical read.

Crude Oil (Brent)▲bullishSO FAR1d +0.8%5d +2.4%20d +0.2%

After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.

Apr 18, 2018Why is the Indian rupee at a seven-month low?+4.5%
Oct 30, 2023India rupee likely to struggle despite relief for Asian peers - Markets - Business Recorder-4.9%
Jul 1, 2018Indian rupee breaks 69 vs dollar for first time; down over 8% in 2018-3.1%
Jul 31, 2019Stocks sink after Fed dents hopes for multiple interest-rate cuts - Los Angeles Times-7.6%
Jun 28, 2018Indian rupee hits record low against US dollar; RBI intervenes - The Business Times+0.7%

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.

Indian Rupee (INR per USD) USDINR · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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