ZCZC
BCN-31
INDIA-RUPEE-USD
Rupee sinks to record low vs US dollar, breaches 69-mark
Mumbai, Jun 28, 2018 (BSS/PTI) – 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.
BSS/AFP/HR/1140