The rupee opened 11 pips weaker at 70.88/89 against yesterday closed 70.77/78 per dollar. Widely USDINR trading in range between 70.50-71.00 levels seems trying to build some support on those range. couple of session foreign banks sell dollar against Rupee, However, in comments on Tuesday Federal Reserve Vice Chair Richard Clarida backed further rate hikes though he said the tightening path would be data dependent. He said monitoring of economic data has become even more critical as the Fed edged ever closer to a neutral stance.
Attention will now turn to a speech by Fed Chairman Jerome Powell later on Wednesday and the minutes from the Fed's Nov. 7-8 meeting on Thursday. Investors would be looking to further clues on how many more times the US central bank is likely to hike rates in 2019.
INTRADAY RANGE - (70.65 - 71.00) 71.18
Refinery shutdowns may push India into importing fuel next year
A wave of shutdowns will hit Indian state-owned refineries next year as the country prepares for cleaner fuels from April 2020, company officials said, in moves that could temporarily dent oil demand and push up imports of refined fuels. It also means that demand for fuel produced by India’s privately owned refiners will likely climb during the period, as state refiners seek to fill the gap.
State refiners - Indian Oil Corp, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals - account for about 60 percent of the country’s nearly 5 million barrels per day (bpd) capacity.
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