Currency Note Worldwide

Spill in crude oil prices spells good news for India

By Ricky Bean December 22nd, 2015

The Indian rupee reached a one-month high yesterday, as the plunging price of Brent crude oil will, in theory, cut the nation’s current account deficit. Having oil at an 11-year low certainly benefits India, which imports three quarters of their oil requirement. As a result, the Rupee strengthened for a fifth consecutive day, and many banks, including ANZ and Morgan Stanley, expect the Indian currency and its economy to outperform other Asian economies in 2016.

Are you looking to buy or sell currencies? Contact your trader for live rates, the latest market news and to discuss currency purchasing strategies.