• USD/INR has jumped near 76.00 as oil prices took a plunge on higher supply.
• Biden’s 180 million barrel oil release announcement has hammered the oil prices.
• Investors will focus on US NFP as it will dictate the extent of the rate hike by the Fed.

The USD/INR pair has reclaimed 76.00 amid falling oil prices after US President Joe Biden announced a release of one million barrels per day for six months out of their Strategic Petroleum Reserve (SPR) from May. The move has brought a bloodbath in the oil market as oil prices have plunged more than 6% on Thursday.

India, being a major importer of oil is going to benefit from the falling oil prices going forward. To corner the soaring inflation, US President Joe Biden has urged US oil exploration companies to utilize their spare capacities and pump more oil, which will support price stability in the oil market. This is high time to think about the individuals and American families in place of the prolonged investors who have drawn sheer dividends earlier. It is the third event in the last six months when the US administration has announced an oil release from the SPR.

Meanwhile, the US dollar index (DXY) has witnessed an open-test drive session on Friday in which the initial downtick is violated decisively by the bulls. The DXY has been established above 98.00 amid uncertainty over the US Nonfarm Payrolls (NFP), which is due on Friday. A preliminary estimate shows NFP release at 490k against the previous figure of 678k. This will have a significant impact on the likely monetary policy decision by the Federal Reserve (Fed) in May.