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Fitch Solutions raised its 2021 rupee forecast to an average of Rs 75.50 per dollar from Rs 77, while still expecting the currency to weaken slightly. It cites rising oil import costs, further RBI rate cuts and risk-off sentiment as pressures.
Brent is forecast to average $53 per barrel in 2021.
Higher oil prices and a weaker rupee raise India's import bill, which can support dollar-denominated purchases of feed ingredients and vegetable oils.
business-standard.comANIJan 4, 2021Not enough comparable past events yet for a historical read.
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.
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.
