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Market move▼ Bearish for Indian equities
Surge in crude oil prices continue to pressurize INR
The brief
- Rupee depreciated 28 paise to close at 96.03 against the US dollar
- Crude oil prices continued to pressure the rupee
- A weaker rupee and costly crude pressure Indian oil marketing companies and importers
- Rupee-dirham trade gains ground as India and UAE target $200 billion
- India forex reserves surge to a record high in September and to provide cover for 11.2 months of goods imports, says RBI
- India's forex reserves fall $14.89 billion to $766 billion
- Rupee and government bonds face pressure as oil rises and Iran diplomacy hopes fade
- FII Flows To Stay Subdued: Bernstein sees flat to modest inflows; rupee and valuations weigh