The Indian rupee slipped below 68 mark in the early trade on Wednesday. It has opened lower by 21 paise at 68.19 per dollar against previous close of 67.98. Pramit Brahmbhatt of Veracity said ,"Taking cues from global equity market sell-off, expect rupee to depreciate further and will head towards 68.50/dollar mark. The range for the day will be 67.5-68.25/dollar. "US dollar fell against the euro and yen after a drop in oil prices suggested US inflation would stay low and prevent the Federal Reserve from hiking interest rates at a steady pace this year.
The Russian ruble declined yesterday as further drop in oil prices along with speculation over Russian central bank could delay a return to a rate-cutting cycle to avoid stoking inflation. USDRUB gained by 0.12% to 0.78 yesterday. Oil prices plunged over 5% both WTI and Brent yesterday as worries about the demand outlook and rising supply. However, Russian central bank left its monetary policy unchanged on 29th Jan meeting and policy makers argued that volatility in ruble largely due to volatile in oil prices Russian ruble tumbled all time low two weeks back, when oil prices plunged to multiyear low. Further any talk between Russia and OPECs for production cut, will support the oil, which is positive for Ruble. Technically speaking, USDRUB has crucial resistance at 80.80. If prices breach this level, it can further rally towards 82.10. On the lower side, it has a support around 76.10 levels.
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