India Rupee – Asia FX: Most down as crude at 3-year high, dollar up
NEW DELHI – Most Asian currencies were down against the dollar in early trade today because crude oil prices hit a three-year high after the Organization of the Petroleum Exporting Countries and its allies on Monday decided to stick to their output existing plan.
Prices of Brent crude oil surged after the cartel decided to stick to an agreement to increase oil production only gradually, ignoring calls from various countries to boost output as the global economy recovers from the COVID-19 pandemic.
The dollar rose against major currencies ahead of the upcoming US employment report for September, scheduled to be released on Friday, for further cues on when the US Federal Reserve may start tapering its asset purchases.
Non-farm payrolls data is expected to show continued improvement in the labour market, with a forecast for 488,000 jobs to have been added in September.
At 1007 IST, the dollar index, which measures the US currency against six other major units, was at 94.11 compared with 93.98 on Tuesday. It was at 93.78 on Monday.
The Thai baht fell 0.2% against the dollar today. Thailand is one of the largest importers of crude oil in the world. (Shubham Rana and Pratiksha)
India Rupee: Expected range for rupee – Oct 6
MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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