1 day ago
Rupee Slumps as Oil Prices and Market Sell-Off Intensify
The Indian rupee became weaker against the US dollar on Wednesday.
It ended the day at 95.08 rupees per dollar.
Oil prices rose above $100 per barrel.
This happened after attacks threatened oil supplies in West Asia.
Higher oil prices can increase concerns about inflation in India.
Investors also moved money out of Indian markets.
Falling stock markets added more pressure to the rupee.
The dollar was slightly stronger against other major currencies.
The rupee fell 34 paise to close at 95.08 against the US dollar.
Brent crude rose above $100 per barrel for the first time in nearly six weeks.
Attacks on oil facilities and ships in West Asia raised supply concerns amid US-Iran tensions.
Weak equity markets and foreign institutional investor outflows pressured the rupee.
The rupee moved between 94.80 and 95.22 during Wednesday’s trading session.
- Who
- The Indian rupee, foreign exchange traders, investors, and oil-market participants were involved.
- What
- The rupee declined as crude oil prices rose, equity markets weakened, and foreign institutional investor outflows continued.
- Where
- The trading took place in Mumbai’s interbank foreign exchange market, while oil-supply concerns centered on West Asia.
- When
- Wednesday; the rupee settled at 95.08 against the dollar.
- Why
- The rupee was pressured by higher crude prices, inflation concerns, weak equity markets, and foreign exchange outflows.
Key facts
- Rupee closing rate
- 95.08 per US dollar
- Daily change
- Down 34 paise from 94.74
- Intraday range
- 94.80 to 95.22 per US dollar
- Brent crude price
- $100.73 per barrel, up 2.94%
- Oil milestone
- Brent surpassed $100 per barrel for the first time in almost six weeks
- Dollar index
- 98.84, up 0.05%
- Reported pressures
- Higher crude prices, weak equity markets, and foreign institutional investor outflows
Sources
Related news
Rupee Falls as Brent Crude Surges Above $102
Crude Nears $100, Sending Rupee and Indian Stocks Lower
Indian Rupee Slips as Crude Nears $97 Amid Tensions
Rupee Trading Reports Diverge as Oil and Tensions Weigh
Rupee Slides to 95.79 as Oil and Outflows Weigh
Rupee Falls to 94.84 Against Dollar Amid Middle East Tensions
Modi Sets Positive Tone Ahead of India’s BRICS Summit
Gold Drops as Oil Surge Raises Fed Hike Bets
West Asia Tensions Drive Sensex Down 813 Points
Trump Administration Weighs Smaller U.S. Military Footprint in West Asia
