01:27
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Stocks around the globe took a beating on Wednesday as investors couldn’t find the clues they were desperately looking for from the just released Federal Reserve’s July policy meeting. In the minutes, Fed policymakers indicated they are still on track to slow the central bank’s $85 billion bond-buying program this year and end it in mid-2014, but gave no signal whether the scale-back could begin in September.
The minutes from the July 30-31 meeting released on Wednesday showed US officials disunited about the appropriate timing of the first reduction in bond purchases, with “a few” officials with votes on policy looking to move soon and “a few” others urging “patience” and more of a wait-and-see approach.
WTI light sweet crude oil futures are trading down 10 cents at $ 103.75 per barrel on New York Mercantile Exchange. It fell $1.26, or 1.2%, to settle at $103.85 a barrel yesterday.
MCX September crude oil futures may open today’s session near Rs 6700 levels with support around Rs 6650 and Rs 6570 levels. However it may find support looking at the carnage in the Indian Rupee.
The Indian rupee breached the 65 mark against the dollar on Thursday surpassing the previous all-time low of 64.55 hit just yesterday. The partially convertible rupee fell 1.4 per cent against Wednesday's close of 64.11.
Markets tracked the rupee, opening lower for the 5th consecutive session. The BSE Sensex fell around 140 points, while the broader Nifty slipped below the key 5,300 levels in early trades. However, stocks recovered as the rupee traded off the day's low.
The RBI's announcement on Tuesday to reverse its tightening strategy and start buying bonds has further confused traders.
Posted in: Commodity Tips Advisory,Crude Oil,crude oil news,crude oil tips,Oil Dips Below $94 In Asia
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