Rupee appreciated sharply yesterday after oil prices cooled down from its historic single-day jump.
Oil prices have corrected by more than 8% in the last two days, as Saudi Arabia’s oil production will return to normal sooner than expected within weeks, rather than within months and, there won’t be any supply disruption to their Asian customers, they assured.
Prices are likely to remain between 70.8 and 72 price bands in the short-term. Break of 70.8 will add further weakness to the counter towards 70. Moreover, resuming upside prices should surpass key resistance of 72 and then 72.42, which seems unlikely in the short-term.
By Tarun Satsangi for TarunSatsangi.com