Energy Markets
The rupee is gaining strength on the back of oil price decline and NDF dollar sales
Stop-losses on short rupee bets and dollar sales in the non-deliverable future market also helped the rupee, traders reported. Brent crude dropped to a low price of $97.4 per barrel before paring its losses and trading at $100.26 last, down by 1%. This is a reversal of course from the peak of $102.5. The rupee strengthened by 0.5%, to 94.0950 dollars, as a result of the decline in oil prices. India, which is the third largest oil importer in the world, and the rupee will benefit from a drop in crude prices. Oil prices have risen dramatically since the Middle...