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The rupee fell 88 paise to close at 70.46 per dollar, its biggest one-day loss in more than three months, after crude rebounded about 3.85% to $61.75. Russia and Saudi Arabia agreed to extend their output-limit pact.
The dollar also firmed after the US and China agreed to delay new tariffs.
Higher crude raises India's import costs and pressures the rupee, while the firmer dollar makes dollar-priced commodity imports more expensive.
business-standard.comPress Trust of IndiaDec 3, 2018Not 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.
