Rupee sinks to record low vs US dollar, breaches 69-mark
Team Udayavani, Jun 28, 2018, 10:51 AM IST
Mumbai: The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country’s current account deficit and inflation dynamics.
Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.
At the interbank foreign exchange market, the rupee opened at 68.87 a dollar against 68.61 previously and sank to 69.10 in morning deals, falling 49 paise.
Global oil prices have climbed after the US asked its allies to end all imports of Iranian oil by November. Concerns over supply disruptions in Libya and Canada also pushed prices higher.
Higher crude oil prices and a declining rupee are a double whammy for India, forex dealers said. Meanwhile, the benchmark Sensex was down by 90.26 points, or 0.25 per cent, at 35,126.85 in early trade today.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
Sensex climbs 640 points, Nifty tops 22,300-level in early trade
MUST WATCH
Latest Additions
WATCH: 5 runaway military horses cause mayhem in London
FIR filed over BJP’s social media post allegedly promoting hatred and enmity: EC
Can’t control elections or pass directions on basis of suspicion: SC tells EVM critics
Amitabh Bachchan receives Lata Deenanath Mangeshkar Puraskar
Hubballi: Congress leader Randeep Surjewala visits Neha’s house, assures justice to family