India Rupee – Asia FX: Most units up as crude down; dlr index steady
NEW DELHI – Most Asian currencies were up against the dollar in early trade today because crude oil prices retreated from a fresh three-year high as the American Petroleum Institute reported that stockpiles in US rose by nearly 1 mln barrels last week.
Crude prices soared after the Organization of the Petroleum Exporting Countries and its allies on Monday decided to stick to their existing output plan.
Asian currencies also rose tracking the gains in local equity markets on the back of rising optimism over a deal on the US debt ceiling.
The dollar index, which measures movement in the US unit against six major currencies, was steady in early trade today ahead of the upcoming US employment report for September, scheduled to be released on Friday.
At 0957 IST, the dollar index was at 94.22 compared with 94.27 on Wednesday.
Upbeat US jobs data could pave the way for tapering of the US Federal Reserve’s asset purchases.
The South Korean won rose the most amongst its Asian peers. The unit was severely hit earlier this week by the surge in crude oil prices as the country is the world’s fourth biggest importer of crude. (Shubham Rana and Pratiksha)
India Rupee: Expected range for rupee – Oct 7
MUMBAI – The following are the expected support and resistance levels for the rupee, as forecast by leading banks and brokerages in an Informist poll:
(Arushi Jain)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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