Chapters in Macro & Economy
Chapter 4 of 7 · 6 min read
The rupee, the dollar and commodities
USDINR, DXY, crude and gold: how external prices reach Indian markets.
The rupee
A weaker rupee helps exporters like IT and pharma and hurts importers and oil marketers. The dollar index (DXY) measures the dollar against major currencies; a strong dollar tends to pressure emerging-market assets and flows.
Crude oil
India imports most of its oil. Higher crude widens the current account deficit, pushes up inflation and weighs on the rupee, a triple effect that lands on equities, bonds and currency together.
Gold and metals
Gold is a hedge against uncertainty and a large import. Industrial metals such as copper track global growth and are used as a cycle gauge.
Key takeaways
- Oil, dollar and INR are linked; watch them as a set.
- Winners and losers differ by sector.
- Commodities double as growth and risk-sentiment gauges.
Put it into practice
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Keep learning
- Shock transmission and scenario analysis · Macro & Economy
Education only, not investment advice. Updated 2026-10-09.