Opec meeting: Saudi oil cut to weigh in rupee today

Business, World



[ad_1]

If the price of oil falls, it will benefit the currencies of the major emerging oil-importing markets, including the Indian rupee and the Turkish lira. Photo: Mint "title =" If the price of oil falls, it will benefit the currencies of the major emerging oil-importing markets, including the Indian rupee and the Turkish lira. Photo: Mint "clbad =" img-responsive "/> <p> If oil prices go down, it will benefit the currencies of the major oil-importing emerging markets, including the Indian rupee and the Turkish lira Photo: Mint [19659002] Dubai / Sao Paulo / Singapore / Cape Town: </b> Falling oil prices are becoming a catalyst for emerging markets. </p> <p> The drop in crude prices last year was Partly behind the weakness of the Russian ruble, Mexican peso and Malaysian ringgit, according to Societe Generale L & # 39; Opec and its allies gathered Sunday in Abu Dhabi to weigh the cuts in production , Saudi Arabia will export 500,000 barrels less per day in December than in November, thus taking advantage in Opec.The price meeting has had adverse effects on the policy. supply but Opec + warned in a statement that it may require "new strategies", suggesting the prospect of a broader and more coordinated strategy. Oil Approved in 2019. </p> <p> "The currencies of emerging oil-importing economies would likely react negatively to a reduction in OPEC production, as Iranian oil exports would already radiate over time under the impact US sanctions, "said Mansoor Mohi- Uddin, head of currency strategy at NatWest Markets, based in Singapore. "On the other hand, if oil prices fall, it will benefit the currencies of the major emerging oil-importing markets, including the Indian rupee and the Turkish lira." </p> <p> The oil outlook, an essential source of revenue for Russia and Saudi Arabia, is bringing a new twist to a market already obsessed with the tightening of the US Federal Reserve and the US-China trade war. Peter Navarro, trade advisor at the White House, warned Wall Street not to pressure President Donald Trump to make a quick deal. </p> <p> On the home front, the Mexican central bank could raise its interest rates Thursday after the peso has recorded its sixth weekly loss. Thai, Indonesian and Filipino policymakers will likely leave their benchmark rates unchanged, thanks to gains in the rupee and the peso, according to ING Groep NV. </p> <p> The ruble led to a decline in emerging market currencies last week after the Fed's decision It announced that it would continue to raise rates, making Wednesday's publication of consumer price data in the United States the next indicator of monetary policy. </p> <p> Bloomberg's Alec DB McCabe and Dana Khraiche contributed to this story. </p> <div clbad= First published: Mon, November 12, 2018. 04:34 am IST
[ad_2]
Source link

Powered by https://naaju.com/india | Designed by Naaju
© Copyright 2024, All Rights Reserved