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Rupee Gains as Oil Slips, Easing Pressure on Trade Deficit
The rupee rose 0.3% to 83.12 as Brent crude fell 2% on China demand fears, cutting India's oil import costs and easing trade-deficit pressure, traders said.
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The Indian rupee strengthened against the dollar on Monday, gaining 0.3% to 83.12, as crude oil prices fell more than 2% on demand concerns. The move eases pressure on India's trade deficit, which has been a persistent drag on the currency, traders said.
Brent crude dropped to $78.50 a barrel after weaker-than-expected Chinese industrial data raised fears of slower global demand. India imports roughly 85% of its oil needs, so every $10 drop in crude cuts the annual import bill by about $15 billion, according to a dealer at a state-run bank.