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The Indian rupee closed at a record low of 73.58 per dollar, weakening 0.33% on the day, after extending its fall on higher crude oil prices. Traders were awaiting the Reserve Bank of India's policy decision, with most economists expecting a rate hike to 6.75%.
A weaker rupee raises the cost of dollar-priced imports for India, and rising crude prices widen the oil import bill. For feed buyers this points to firmer dollar-denominated input costs and possible demand softness from Indian importers.
livemint.comRavindra N. SonavaneNov 1, 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.
