Rupee Hits Fresh Record Low of 96.27 Against US Dollar as Higher Crude Oil Prices Continue to Weigh
Higher crude prices, a stronger dollar and West Asia tensions pushed the rupee to a record low, while the Sensex fell 833.20 points, traders said.
- The Indian rupee crashed to a fresh record low of 96.25 against the USD in early trade on Monday, falling 44 paise from its previous close during the fifth consecutive session of losses.
- Elevated Brent crude prices beyond $111.50 per barrel, combined with the ongoing conflict in West Asia, intensified pressure on the rupee as India imports 88% of its crude needs through vulnerable supply routes.
- Domestic equity markets reacted sharply as the Sensex tanked 833.20 points to 74,404.79, The Nifty fell 234 points to 23,401.70, and The India VIX index spiked 6.5% during the session.
- To control forex outflows, the government hiked import duties on gold and silver from 6% to 15% on May 13, with an effective duty of over 18% including IGST to curb non-essential imports.
- Anil Kumar Bhansali Head of Executive Director Finrex Treasury Advisors LLP warned the rupee could hit 100 unless the West Asia conflict stops, though Amit Pabari of Forex Advisors said the Reserve Bank is taking proactive measures.
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13 Articles
Hyderabad students eyeing overseas education hit by rupee slide
Hyderabad: Hyderabad students who are planning for overseas education are going to be hit hard as the rupee slides not only against the US dollar but also against other currencies. On Monday, the rupee opened on a weak note and slumped to an all-time low of 96.25 in early trade. Rupee against US dollar, other currencies Due to elevated crude oil prices and global uncertainty, a stronger dollar continues to remain a key risk for the domestic unit…
Rupee falls to record low of 96.25 against US dollar in early trade
Rupee Record Low: The rupee slumped to an unprecedented 96.25 against the US dollar amid mounting concerns over the West Asia crisis. This marks the fifth consecutive session of record lows, reflecting volatility and uncertainty in currency markets.
Rupee hits fresh record low of 96.27 against US dollar as higher crude oil prices continue to weigh
The Indian rupee reached a new low of 96.27 against the US dollar on May 18, driven by elevated oil prices and global uncertainty. RBI's recent actions aim to mitigate the impact, while US economic strength further pressures emerging markets.
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