- 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|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.