- Indian Rupee tanks in early trade, tracking the oil price rally.
- Rupee may slide further if oil continues to rally on fears of a prolonged Saudi production outage.
The Indian Rupee has gapped lower by more than 60 paise in early trade, possibly tracking the oil rally.
The USD/INR pair jumped to 71.67 at the opening bell, having closed 71.01 on Friday.
Brent oil jumped close to 20% in early Asia on fears that Saudi Aramco's production outage may last more than six weeks. The plant came under Drone attack on Saturday.
A rise in oil prices almost always drags the Rupee lower, as India is an oil-importing nation.
The INR may remain under pressure over the next few days if Saudi officials confirm markets' worst fears, sending oil to levels near $75, as predicted by Goldman Sachs.
As of writing, the USD/INR pair is trading at 71.5275, representing 0.72% gain on the day.
|Today last price||71.5275|
|Today Daily Change||0.4900|
|Today Daily Change %||0.69|
|Today daily open||71.0375|
|Previous Daily High||71.57|
|Previous Daily Low||70.8495|
|Previous Weekly High||72.19|
|Previous Weekly Low||70.8495|
|Previous Monthly High||72.375|
|Previous Monthly Low||68.849|
|Daily Fibonacci 38.2%||71.2948|
|Daily Fibonacci 61.8%||71.1247|
|Daily Pivot Point S1||70.7347|
|Daily Pivot Point S2||70.4318|
|Daily Pivot Point S3||70.0142|
|Daily Pivot Point R1||71.4552|
|Daily Pivot Point R2||71.8728|
|Daily Pivot Point R3||72.1757|
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