 "India stands to lose 3,00,000 bpd of crude oil supply from Iran, and 4,00,000 bpd from Venezuela")
Indian rupee continues to outperform US Dollar and other emerging market currencies. In spite of weak domestic equity market and US dollar trading at two-year high, Indian rupee is still trading near 69.30. The fair value of INR should be near 70 but the government’s plan of raising debt through foreign borrowing bonds has given additional strength to Indian rupee. We expect any depreciation in INR only above 69.60 and INR may again test levels of 68.80-68.60. We expect the rupee to trade in a range of 68.80-69.50 next week.
Gold/Silver prices fell sharply yesterday after US Fed, as expected,
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