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The rupee opened weaker at 82.47 per dollar on April 3 after Brent rose over 5% following OPEC+'s announced 1.16 million bpd production target cut. It recovered to close at 82.33 as the dollar index fell.
Higher crude prices raise India's import bill and pressure the rupee, while the OPEC+ cut lifts energy-linked costs across commodity markets.
business-standard.comManojit SahaApr 3, 2023After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Not enough comparable past events yet for a historical read.
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.
