Global protectionist measures, oil prices to drive rupee movement

Last Updated: Sun, Jul 01, 2018 14:31 hrs
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport

Mumbai: Rise in global protectionist measures and high crude oil prices are expected to influence the Indian rupee's movement against the US dollar in the coming week, experts said on Saturday.

"Going forward, unless oil prices come off substantially, we expect the rupee to follow a path of depreciation against most of the developed world currencies, especially against the US dollar," Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

"Over the next couple of months, USD/ INR may build a base between 67 and 69 on spot, before heading towards 71/ 72 before the FY19 draws to a close. Over the next week, a range of 67.80 to 68.80 can play out."

According to Angel Commodities Broking's Chief Analyst for Commodities and Currencies Prathamesh Mallya: "We see the Indian rupee headed towards the 69.2-mark against the US dollar. The pressure on current account deficit, rising crude oil prices and uncertain political scenario are the main reasons for the rupee's depreciation."

Lately, high crude oil prices and geopolitical developments have weakened the Indian rupee which had depreciated to its all-time low during the week ended June 29 at 69 per US dollar-mark.

It closed at 68.47, weaker by 63 paise from its previous week's close of 67.84 per greenback.

"Over the week the rupee fell 0.92 per cent... As the global equities market seem to have stabilised for the time being, the rupee may not breach the low of 69.09 in a hurry. However, it may remain under pressure later based on evolving global developments," said Deepak Jasani, Head of Retail Research at HDFC Securities


State Capitals (Applicable from 6:00 a.m. on 01-07-2018) Petrol Current Price(Per Lt) Petrol Previous Price(Per Lt) Change(Rs)
Petrol price in DelhiRs.75.55 Rs.75.55 0.00
Petrol price in KolkataRs.78.23 Rs.78.23 0.00
Petrol price in MumbaiRs.83.12 Rs.83.12 0.00
Petrol price in ChennaiRs.78.40 Rs.78.40 0.00
Petrol price in FaridabadRs.76.33 Rs.76.33 0.00
Petrol price in GurgaonRs.76.09 Rs.76.09 0.00
Petrol price in NoidaRs.76.61 Rs.76.61 0.00
Petrol price in GhaziabadRs.76.49 Rs.76.49 0.00
Petrol price in AgartalaRs.71.46 Rs.71.46 0.00
Petrol price in AizwalRs.71.57 Rs.71.57 0.00
Petrol price in AmbalaRs.75.67 Rs.75.67 0.00
Petrol price in BangaloreRs.76.77 Rs.76.77 0.00
Petrol price in BhopalRs.81.14 Rs.81.14 0.00
Petrol price in BhubhaneswarRs.74.38 Rs.74.38 0.00
Petrol price in ChandigarhRs.72.66 Rs.72.66 0.00
Petrol price in DehradunRs.77.07 Rs.77.07 0.00
Petrol price in GandhinagarRs.74.87 Rs.74.87 0.00
Petrol price in GangtokRs.78.65 Rs.78.65 0.00
Petrol price in GuwahatiRs.77.66 Rs.77.66 0.00
Petrol price in HyderabadRs.80.03 Rs.80.03 0.00
Petrol price in ImphalRs.73.65 Rs.73.65 0.00
Petrol price in ItanagarRs.71.51 Rs.71.51 0.00
Petrol price in JaipurRs.78.27 Rs.78.27 0.00
Petrol price in JammuRs.77.30 Rs.77.30 0.00
Petrol price in JullunderRs.80.73 Rs.80.73 0.00
Petrol price in KohimaRs.74.07 Rs.74.07 0.00
Petrol price in LucknowRs.76.56 Rs.76.56 0.00
Petrol price in PanjimRs.69.62 Rs.69.62 0.00
Petrol price in PatnaRs.81.04 Rs.81.04 0.00
Petrol price in PondicherryRs.74.37 Rs.74.37 0.00
Petrol price in Port BlairRs.65.16 Rs.65.16 0.00
Petrol price in RaipurRs.75.97 Rs.75.97 0.00
Petrol price in RanchiRs.75.72 Rs.75.72 0.00
Petrol price in ShillongRs.75.01 Rs.75.01 0.00
Petrol price in ShimlaRs.75.73 Rs.75.73 0.00
Petrol price in SrinagarRs.79.99 Rs.79.99 0.00
Petrol price in TrivandrumRs.78.63 Rs.78.63 0.00
Petrol price in SilvasaRs.73.50 Rs.73.50 0.00
Petrol price in DamanRs.73.43 Rs.73.43 0.00



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