India : Energy prices should hold focus of INR traders in November

India is reliant on imports with INR dropping as prices rises

  
Smoke rises from a Hindustan Petroleum Corp Ltd (HPCL) refinery after a fire at Vizag in the southern Indian state of Andhra Pradesh August 23, 2013.

Smoke rises from a Hindustan Petroleum Corp Ltd (HPCL) refinery after a fire at Vizag in the southern Indian state of Andhra Pradesh August 23, 2013.

REUTERS/Stringer

* No major economic data out of India to divert attention this month

* Crude oil is above $85 and rising, palm oil and coal close record highs

* India is reliant on imports with INR dropping as prices rises

* The rough 72-75 range that's held for 15 months is under threat

* Coupled oil the weaker rupee presents a challenge for RBI

* USD/INR close above 75.80 would target the record high at 76.92

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)


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