The rupee weakened past the 73 to a dollar mark for the first time to hit an all-time low on Wednesday after crude oil surged to nearly $85 per barrel, a near four-year high. At 9.15am, the rupee was trading at 73.28 a dollar, down 0.45% from its Monday’s close of 72.91. The home currency opened at 73.25 per dollar and touched a fresh low of 73.34. On Tuesday, markets were closed on account of Gandhi Jayanti. Traders were concerned that a rise in US interest rates and expensive oil could lead to fiscal slippage, increase inflationary pressures and raise the chances of the Reserve Bank of India (RBI) increasing interest rates in its monetary policy review later this week.
The rupee weakened past the 73 to a dollar mark for the first time to hit an all-time low on Wednesday after crude oil surged to nearly $85 per barrel, a near four-year high. At 9.15am, the rupee was trading at 73.28 a dollar, down 0.45% from its Monday’s close of 72.91. The home currency opened at 73.25 per dollar and touched a fresh low of 73.34. On Tuesday, markets were closed on account of Gandhi Jayanti. Traders were concerned that a rise in US interest rates and expensive oil could lead to fiscal slippage, increase inflationary pressures and raise the chances of the Reserve Bank of India (RBI) increasing interest rates in its monetary policy review later this week.
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