{"id":101439,"date":"2018-11-23T11:41:25","date_gmt":"2018-11-23T11:41:25","guid":{"rendered":"https:\/\/www.bnreport.com\/momentum-favors-rupee-as-india-reaps-gains-of-cheaper-oil\/"},"modified":"2018-11-23T11:41:25","modified_gmt":"2018-11-23T11:41:25","slug":"momentum-favors-rupee-as-india-reaps-gains-of-cheaper-oil","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/momentum-favors-rupee-as-india-reaps-gains-of-cheaper-oil\/","title":{"rendered":"Momentum favors rupee as India reaps gains of cheaper oil"},"content":{"rendered":"

By Srinivasan Sivabalan<\/strong><\/p>\n

Prime Minister Narendra Modi<\/a> has Donald Trump<\/a> and the oil market to thank for the Indian rupees best weekly run since March 2016. <\/p>\n

The currency extended a seven-day winning streak to push beyond its 100-day moving average<\/a> for the first time since February, as falling crude prices soften inflationary expectations and take pressure off the central bank to raise interest rates. A relative strength index showed trading momentum favors the rupee by the most since early January. <\/p>\n

The reprieve couldnt have come at a better time for Modi, whose re-election bid in less than six months looks increasingly strained amid deepening social divides, a banking system saddled with bad loans, and mounting tension between the government and the Reserve Bank of India<\/a>. The opposition has used the rupees 10 depreciation this year to criticize his economic management. <\/p>\n

Indias economy imports most of its energy needs, and an almost 50 per cent surge in the cost of Brent crude<\/a> priced in rupees from January through October threatens to put a hole in the budget. Whats worse, the government is stepping up social spending before general elections in 2019. <\/p>\n

Despite this bleak backdrop, Indias economy is marching on. Gross domestic product grew at a better-than-forecast 8.2 per cent rate in the second quarter, and inflation fell in three of the past four months to the lowest level since September 2017. While the trade-deficit last month was wider than expected, oils continued decline might help narrow the gap in November. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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By Srinivasan Sivabalan<\/p>\n

Prime Minister Narendra Modi has Do..<\/p>\n","protected":false},"author":1,"featured_media":101440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-101439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMomentum favors rupee as India reaps gains of cheaper oil - Business News Report<\/title>\n<meta name=\"description\" content=\"By Srinivasan Sivabalan Prime Minister Narendra Modi has Do..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/momentum-favors-rupee-as-india-reaps-gains-of-cheaper-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Momentum favors rupee as India reaps gains of cheaper oil - 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