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Biznextindia : The Indian rupee on Tuesday hit the psychologically significant level of 80 for the first time against the US dollar after crude oil surged on concerns about tighter supplies globally. With this fall, the rupee has plunged 7% in the year so far.
At 9.10 am, rupee was trading at 80.0175 a dollar, down 0.03% from its previous close. It opened at 79.99 and touched a fresh record low of 80.02, according to a report by moneycontrol.com.
The Rupee has been depreciated by around 25 since December 2014. But the recent continuous fall is being attributed to global actors like Russia-Ukraine conflict and Crude Oil price surge.
On Sunday, Biden’s advisor on international energy affairs, Amos Hochstein, said the USA believed OPEC’s producers in the Middle East–namely Saudi Arabia and the UAE–would take some steps to boost supply to the crude oil market. However, the overriding sentiment seems to be that the Saudis have no intention of intervening in oil prices at this time.
On Monday Iraq’s oil minister said that Crude oil is likely to trade above USD 100 mark in the remaining months of the year.
The WTI crude for August contract is currently being traded at USD 102.36, while the Brent crude or September contract is being traded at USD 105.78 per barrel. Meanwhile, the Indin basket is also trading above the USD 100 mark at USD 101.48 per barrel.