Speaking to ANI, Reddy said that India is probably the only country that has maintained stability in stock market, as well as essential commodities prices, including fuel.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, on Wednesday stated that with crude oil prices remaining elevated, the rupee is likely to face continued depreciation pressures.
Asia remains the most vulnerable region globally to sustained increases in oil prices due to its heavy reliance on imported energy and high trade openness, asserted a report by Invesco headlined 'Middle East Tensions - Impact on Asia.'
West Bengal leader Dilip Ghosh on Wednesday expressed serious concern over the military escalation in the Middle East and underlined the long term impact of the joint US-Israel strikes and retaliatory strikes of Iran on the global economy and oil prices.
Amid escalating tensions in West Asia, the International Monetary Fund (IMF) on Tuesday said that it is "closely monitoring developments" and it will be too early to assess the economic impact on the region and the global economy.
Foreign nationals were stranded at Kempegowda International Airport in Bengaluru on Tuesday as flights to the Middle East continued to be cancelled due to the ongoing Israel-Iran conflict, with passengers complaining about lack of information and costly ticket prices for alternative fligh
If the oil prices move higher it would be negative for Asian stocks, but if the ongoing conflict ends relatively quickly, any adverse impact on markets is likely to be short-lived, according to a report by Invesco.
Crude oil prices may surge above the USD 100 per barrel threshold if there is any structural disruption to oil infrastructure amid the ongoing military escalations in West Asia, according to a report by ICICI Bank.
The escalation of the Israel-Iran conflict, marked by the reported killing of Iran's Supreme Leader Khamenei, is set to impact Indian equity markets through trade flow disruptions and a spike in crude oil prices.
Gold prices could surge to USD 6,000 per troy ounce and rupee may weaken to 92-92.5 against USD if the Middle East conflict escalates further, according to a report by Elara Capital.
Brent crude prices have surged around 10 per cent amid escalating tensions in the Middle East following ongoing military confrontation between Iran and the United States after the killing of Iran's Supreme Leader Ayatollah Ali Khamenei.