The Indian rupee hit a historic low of 84.32 against the US dollar. This currency decline impacts the country’s purchasing power, even though India buys discounted oil from Russia and Venezuela.

November 8, 2024

The rupee’s depreciation effectively reduces the value of this discount, as imports become more expensive. On the other hand, if Russian funds remain within India, the losses from the rupee’s devaluation shift onto Russian oil companies.

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The Indian rupee hit a historic low of 84.32 against the US dollar. This currency decline impacts the country’s purchasing power, even though India buys discounted oil from Russia and Venezuela.

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Pepperstone: We’ve seen a very, very big week this week, obviously with the US election, the markets were in turmoil and all over the place. So we’ll jump straight into the charts and see if we can identify any opportunities for today or early into next week. Friday Market Watch 👉