Profitable Commodity Tips: Rupee 50 Paise Down At 71.31 Against The Dollar

Rudra Investment Profitable Commodity Tips Provider says The rupee had fallen rudely on Monday as against the dollar, which opened at 71.31 level with 50 paise weak point The rise in crude oil prices has put heaviness on the rupee against the dollar. Apart from this, the require for dollar from banks and importers has increased. This has also raised the heaviness on the rupee. On Friday, the local currency was trading 8 paise leading at 70.82 against the US dollar.

The announcement of the decrease of 1.2 million barrels per day in the manufacture of OPEC has led to an increase in crude oil. This deduction will come into result from January. However, Profitable Commodity Tips Provider Expected crude oil prices are unlikely to rise in 2019, due to the economic downturn, the demand for crude oil may come down next year.

International Brent crude oil futures has risen by about one percent to over $ 62 a barrel. The announcement of the cut in production of OPEC and Russia was seen on a towering rise in crude oil prices on Friday. Out of 12 lakh OPECs will cut production, while the remaining 4 million barrels will be cut by non-OPEC countries.