USD/INR: Indian Rupee drops 60 paise in early trade


  • 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.

Technical levels

USD/INR

Overview
Today last price 71.5275
Today Daily Change 0.4900
Today Daily Change % 0.69
Today daily open 71.0375
 
Trends
Daily SMA20 71.6893
Daily SMA50 70.4308
Daily SMA100 69.9782
Daily SMA200 70.1369
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD consolidating as markets digest the new US-Sino trade truce

EUR/UDS is trading around 1.1030, little changed. Markets are digesting the US-Sino handshake deal that prevents new US tariffs that were planned for Tuesday. Euro-zone industrial output is due out.

EUR/USD News

GBP/USD slips below 1.26 as Brexit talks drag

GBP/USD has kicked off the new week with a drop below 1.26 as Brexit optimism fades. Intense weekend talks have failed to result in an accord. Negotiations continue ahead of the EU Summit. 

GBP/USD News

USD/JPY consolidating bull rally into 108 handle on US/Sino trade deal optimism

USD/JPY starts out the week flat to Friday's close after markets rallied at the end of the week. Bullish geopolitical undertones in the form of a US/Sino 'phase 1' trade deal help lift USD/JPY onto the 108 handle.

USD/JPY News

Gold sellers cheer US-China trade optimism against all odds

With the US and China near to end the two-year-old trade tussle, Gold bears give little importance to doubts over soft Brexit and tension surrounding Syria while flashing $1,484.70 as a quote during Monday’s Asian session.

Gold News

Forex Today: Markets skeptical about US-Sino trade truce and sterling suffers a hangover as talks continue

Markets are cautious regarding the US-Sino partial trade deal. The world's largest economy agreed on a "hand-shake" agreement which is yet to be written. It includes a Chinese commitment to buy agrifoods.

Read more

Forex MAJORS

Cryptocurrencies

Signatures