The Indian rupee fell against the US dollar because a rise in prices of Brent crude oil-November futures beyond the $77-a-barrel-mark prompted oil marketing companies to step up their purchases of the dollar. Prices for Brent crude oil futures jumped due to an increased fuel demand accompanied by supply constraints from the US as production remained affected in the Gulf of Mexico after 2 hurricanes.
ECB Lagarde stated that the recent spike in eurozone inflation is temporary and was due to fade in the next year. Eurozone prices have been rebounding faster than expected as the economy reopened after pandemic-induced lockdowns, and several ECB policymakers think inflation will be close to, or even above, the ECB's target of 2% next year. Lagarde blamed much of the rise on supply disruptions and stated that inflation should stabilize next year.
Oil prices steadied near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws.
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