Indian Rupee Hits Record Low of 95.43 Against US Dollar Amid Rising Oil Prices
Rupee Hits Fresh All-Time Low of 95.43, Declines 20 Paise Vs US Dollar
News 18
Image: News 18
The Indian rupee fell to an all-time low of 95.43 against the US dollar, declining 20 paise in early trading on Tuesday. This drop is attributed to rising crude oil prices, currently near $115 per barrel, and growing concerns over inflation and economic slowdown due to escalating tensions in West Asia.
- 01The rupee reached a record low of 95.43 against the US dollar.
- 02Crude oil prices are contributing to the rupee's decline, hovering around $115 per barrel.
- 03The US Dollar Index increased by 0.14% to 98.52.
- 04Tensions in West Asia, particularly around the Strait of Hormuz, are impacting currency stability.
- 05Indian equity indices opened lower, reflecting mixed global cues.
Advertisement
In-Article Ad
On Tuesday, the Indian rupee fell 20 paise to a new all-time low of 95.43 against the US dollar, driven by rising crude oil prices and fears of inflation and economic slowdown. Brent crude is currently priced near $115 per barrel, putting additional strain on oil-importing nations like India. The rupee opened at 95.30 and quickly declined, marking a fall of 39 paise from the previous close of 95.23. Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors LLP, noted that the rupee's vulnerability is increasing due to a stronger dollar index and surging oil prices amid ongoing geopolitical tensions, particularly in the Gulf region. The US has intensified efforts to secure shipping routes in the area, further complicating the situation. In early trading, the BSE Sensex and NSE Nifty 50 indices also opened lower, reflecting the broader economic concerns.
Advertisement
In-Article Ad
The depreciation of the rupee could lead to higher costs for imported goods, particularly fuel, which may increase inflation and affect consumers' purchasing power.
Advertisement
In-Article Ad
Reader Poll
How do you view the impact of rising oil prices on the Indian economy?
Connecting to poll...
Read the original article
Visit the source for the complete story.



