Rupee stabilises after record low, but oil price swings threaten outlook
India Today
For currency markets, the rupee's brief recovery may only be an interlude, as traders brace for more turbulence driven by oil prices and the shifting geopolitics of West Asia.
The rupee steadied on Thursday after plunging to a record low in the previous session, but pressure on the currency is far from over.
The ongoing war in West Asia has rattled global oil markets, strengthened the US dollar and unsettled investors, pushing the rupee to its weakest level on record.
The currency slipped past Rs 92 per dollar on Wednesday, its lowest level ever, before stabilising on Thursday following suspected intervention by the Reserve Bank of India (RBI).
As of 10:37 am, the rupee was trading at Rs 91.61 against the dollar, recovering part of the steep losses recorded earlier in the week.
The rebound has brought some immediate relief to currency markets, but analysts say the underlying pressures on the rupee have not disappeared.
Financial markets tend to react quickly to geopolitical shocks, and the war in West Asia has done exactly that.
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Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
Under law, a domestic household is generally allowed to keep two LPG cylinders of 14.2 kg each at a time. This usually includes one cylinder connected for use and another spare cylinder kept as backup.
Early signals from GIFT Nifty suggest that the benchmark indices could open lower when trading begins. GIFT Nifty futures were trading at 23,784.50 at around 7:58 am. This indicates that the Nifty 50 may open below Wednesday's closing level of 23,866.85.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.