The Indian rupee slumped sharply on Thursday as Brent oil hit 104 and soaring nearly 15% since the start of September amid escalatory strikes between Iran and the US. INR depreciated 38 paise to close at 95.46 (provisional) against the US dollar. Brent crude breaching crucial levels are mounting concerns over the country’s import cost trajectory. The domestic currency is currently facing opposing forces, with downside pressure driven by a resumption of foreign portfolio outflows, following positive flows in July and August and crude oil trading at elevated levels. At the interbank foreign exchange market, the rupee opened at 95.15 against the US dollar, then lost ground to close at 95.46 (provisional) against the American currency, registering a loss of 38 paise from its previous close. Local shares however fluctuated before ending slightly higher on Thursday. Benchmark indexes snapped a three-day losing streak even as Brent crude prices rose to reach their highest level since May, ..
Read more at the source
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and credits belong to the original authors and publishers.