High crude oil prices dent rupee; touches record low (Second Lead)
Wednesday - August 29, 2018 2:44 pm ,
Category : BUSINESS
High crude oil prices dent rupee; touches record low (Second Lead)
Mumbai Aug 29 (IANS) High global crude oil prices and a rise in the demand for US dollar pulled the Indian rupee to a fresh low on Wednesday.
However at 2.05 p.m. the rupee recovered to 70.50-51 after it had plunged to 70.55 -- the lowest ever mark -- against the greenback on the back of an apparent intervention by the Reserve Bank of India (RBI).
The Indian currency opened the day s trade at the Interbank foreign exchange market at 70.31-32 to a USD and soon surpassed its record low of 70.40 to a greenback made on August 16.
Around 12.30 p.m. the Indian rupee plunged to a fresh record low of 70.55 to a US dollar.
"There is some month-end US dollar demand from importers. Crude oil prices have also increased in last couple of sessions in the international market. These factors are pressuring the rupee " Anand Rathi Shares and Stock Brokers research analyst Rushabh Maru told IANS.
--IANS rv/mr
However at 2.05 p.m. the rupee recovered to 70.50-51 after it had plunged to 70.55 -- the lowest ever mark -- against the greenback on the back of an apparent intervention by the Reserve Bank of India (RBI).
The Indian currency opened the day s trade at the Interbank foreign exchange market at 70.31-32 to a USD and soon surpassed its record low of 70.40 to a greenback made on August 16.
Around 12.30 p.m. the Indian rupee plunged to a fresh record low of 70.55 to a US dollar.
"There is some month-end US dollar demand from importers. Crude oil prices have also increased in last couple of sessions in the international market. These factors are pressuring the rupee " Anand Rathi Shares and Stock Brokers research analyst Rushabh Maru told IANS.
--IANS rv/mr
