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The rupee rose 22 paise to 74.46 per dollar, a near one-month high, on foreign fund flows into domestic IPOs and easing crude prices. It has strengthened 57 paise over five sessions.
Brent fell 1.63% to $83.34 per barrel, and India's services sector grew at its fastest pace in ten and a half years in October.
A stronger rupee lowers the local cost of imported feed ingredients, while lower crude eases energy and freight costs. The move is driven by capital flows and a weaker dollar rather than any change in grain supply.
devdiscourse.comPTINov 3, 2021Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
Dated 2021-11-03, it reports crude easing (Brent -1.63%) on the same day as the WTI drop, confirming the selloff, though it is more a symptom than a cause.
Published on 2021-11-03, it reports Brent falling 1.63% to $83.34 on easing crude prices, which confirms the move's timing but does not explain its cause.
