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Saturday, November 27, 2021

India Rupee Review: At 1-month low as US yields, Brent crude surge

 

NEW DELHI – Asian currencies were mixed against the US dollar in early trade as a rise in crude oil prices weighed on some of them.

 

Crude oil extended gains, with Brent crude oil futures trading at its highest level since October 2018, as investors were worried about tighter supply due to rising demand in parts of the world.

 

However, the Malaysian ringgit was up 0.10% against the US unit following a rise in prices of crude oil. Malaysia is a major exporter of palm oil, whose prices move in tandem with those of crude oil.

 

South Korea’s won fall most, down nearly 0.5% as COVID-19 cases continues to rise and North Korea test fired a short-range missile, raising concerns over geo-political stability.

 

The won was also weighed down after South Korea’s central bank said it would raise its focus on environmental, social and governance issues in managing its foreign currency assets and prepare guidelines to be applied to these assets going forward.

 

Meanwhile, the Philippine peso recovered slightly today after a sharp decline on Monday, and was trading 0.12% higher. (Shubham Rana and Pratiksha)

India Rupee: Expected range for rupee – Sep 28

 

MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:

 

 

SUPPORT

RESISTANCE

Big state-owned bank74.0073.60Big state-owned bank74.0073.65State-owned bank74.1073.60Foreign bank73.9573.65Foreign bank74.0073.65Private bank74.0473.68Brokerage firm73.9573.70

(Arushi Jain) 

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Ashish Shirke

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2021. All rights reserved.

Source: Cogencis

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