1. Home >
  2. Export Import News >
  3. Import News >
  4. Low oil price, weak Chinese yuan to keep rupee in range next week >
  5. Low oil price, weak Chinese yuan to keep rupee in range next week

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Low oil price, weak Chinese yuan to keep rupee in range next week.

Date: 12-11-2018
Subject: Low oil price, weak Chinese yuan to keep rupee in range next week
Gains from a low oil price would likely be offset by a weak Chinese yuan, restricting the Indian rupee in a range of 72.30-73.20 per US dollar next week, experts said on Sunday.

Also, fund flows and global market movements are expected to dictate the rupee’s trajectory.

“The rupee is expected to be held in a range of 72.30-73.20 due to supportive oil prices on the one hand and a weak Yuan on the other,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

“While lower crude oil prices will be supportive for the rupee, a weak Yuan is a negative. Hence, the rupee is expected to be in a range.”

According to Sajal Gupta, Edelweiss Securities’ Head for Forex and Rates, the recent gains in equity indices have boosted expectations of capital inflows, helping the rupee higher.

A fall in crude oil prices has also supported the rupee.

India imports about 80 per cent of its crude oil requirements, and a spike in global prices fans inflation risks, pressuring the rupee.

The US Federal Reserve, which has raised interest rates thrice so far this year, held the rates steady at its monetary policy review last week, but signalled it was on course for another hike in December.

Higher interest rates in the US have prompted foreign investors to pull out of emerging markets, including India, hurting the rupee.

“The US Fed commentary was on expected lines for a December rate hike, while the RBI might intervene at various levels to recoup the reserves. These factors along with the upcoming RBI Board meeting might keep the rupee’s gains in check,” Gupta told IANS.

The domestic currency is seen in a range of 72.20-73.00 per USD with an upward bias next week, he said.

Also, the NBFC commercial paper roll-overs remain a concern and can keep the markets a bit nervous, he added.

On Friday, the rupee settled at 72.49 per US dollar after logging a single-day gain of 51 paise. It had closed at 72.44 the previous week.

The rise in rupee was attributed to a significant decline in Brent crude oil price, which fell below the $70-a-barrel mark on Friday.

Provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 157.79 crore in the week ended November 9.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 22-10-2019
TRADE NOTICE NO. 37/2019-20
Mis - declaration of imported goods under 'Others' category of ITC (HS), 2017, Schedule-I (Import Policy)-reg.

Date: 18-10-2019
Notification No. 77/2019- Customs (N.T.)
Road from Nongjri (Barapunji), East Khasi Hills District, Meghalaya, to Kalairag (Bangladesh) between BP No. 1251/11-S-12-S

Date: 18-10-2019
Notification No.25/2015-2020
Incorporation of new provision in the Foreign Trade Policy 2015-20 about cases referred to National Company Law Tribunal (NCLT).

Date: 18-10-2019
PUBLIC NOTICE NO. 39/2015-2020
Incorporation of new provision in the Handbook of Procedure 2015-20 about cases referred to National Company Law Tribunal (NCLT).

Date: 17-10-2019
Notification No.76/2019 - Customs (N.T.)
Exchange Rates Notification No.76/2019-Custom (NT) dated 17.10.2019

Date: 16-10-2019
Notification No. 57/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 15-10-2019
Notification No. 75/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 15-10-2019
Seeks to impose anti-dumping duty on imports of Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc originating in, or exported from China PR, Vietnam and Korea RP.

Date: 14-10-2019
Notification No. 56/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 11-10-2019
No. 04/2019- Customs
Clarification regarding inclusion of cesses, surcharge, duties, etc. levied and collected under legislations other than Customs Act, 1962, Customs Tariff Act, 1975 or Central Excise Act, 1944 in Brand Rate of duty drawback

Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001