Rupee dips all time low to 69 against US Dollar on rising trade tensions, Crude Oil price
Mumbai : With Trade tensions with the USA deepens, Indian Rupee today dipped to a all time low of 69 per US Dollar. It has opened today at 68.89, down 28 paise versus previous close of 68.61. The Indian currency has weakened by over 8 percent for the year 2018. According to experts, the increasing crude oil prices and trade war concern between US and China are the reasons behind rupee weakening. In the previous session rupee posted the biggest single session fall against dollar since June 19. Yesterday, It had closed lower by 37 paise at 68.61 against Tuesday’s close of 68.24.
Despite the agreement by OPEC and non-OPEC nations to raise crude Oil production by 1 million barrels per day, Crude Oil prices is increasing on US sanction of Iran, one of the world’s leading Oil producers. Yestersay, the US asked India and China, the world’s largest consumers of Crude Oil to stop Oil import from Iran by November 4.
Today, the Brent Crude Oil, witness marginal slide 0.17% to USD 77.33 per barrel. It has witnessed sharp rise from USD 73 to 77.33 per barrel, since June 22nd , when the declaration on production hike made.