Rupee hits fresh record low of 96 against US dollar amid rising crude oil prices
The Indian rupee slipped to a fresh record low against the US dollar as rising crude oil prices and tensions in West Asia continued to pressure the currency and raise inflation concerns
Rupee vs dollar: The Indian rupee dropped to a fresh all-time low against the US dollar on Friday as concerns over rising crude oil prices and continuing tensions in West Asia weighed heavily on the domestic currency.
During trading, the rupee weakened to 96.05 per dollar, crossing its previous record low touched a day earlier. The fall comes amid growing worries over the impact of higher oil prices on India’s economy.
Brent crude remained near the USD 110 per barrel mark, keeping global markets on edge. The conflict in West Asia and uncertainty around the Strait of Hormuz — a major oil transport route — have further added to fears of supply disruptions.
India depends heavily on imported crude oil, buying more than 85 per cent of its requirement from overseas markets. As oil is traded globally in dollars, a weaker rupee increases the country’s import costs and puts pressure on inflation and fuel prices.
Market experts said the rupee has remained under stress due to a combination of rising crude prices, foreign investor outflows and global uncertainty.