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Rupee slides to all-time low against US dollar
The Indian rupee closed at a record low of 95.8 against the United States dollar on Friday.
During the intraday trade, the currency breached the 96-per-dollar mark on account of rising global oil prices due to the war in West Asia and inflation concerns. It settled 22 paise lower from Thursday’s close.
So far this year, the rupee has registered more than 6% losses and has depreciated nearly 2% in the past six trading sessions, PTI reported.
In terms of the stock market, the benchmark Sensex fell 160.7 points to close at 75,237.9 and Nifty dropped 46.1 points to settle at 23,643.5.
On Thursday, global oil prices had risen more than 7% to a four-year high following a report that US President Donald Trump was planning for an extended blockade of Iranian ports.
The benchmark Brent crude on Friday traded at $109 per barrel, up 3.1% in futures trade.
The US and Israel launched an attack on Iran on February 28, claiming that Tehran’s action posed an existential threat to Israel. Washington acts as a guarantor of Israel’s security.
Iran retaliated by striking US military bases in the region and Israel, and targeted major cities in Gulf countries and some ships.
Iran has also effectively blocked the Strait of Hormuz since the war broke out on February 28. About 20% of the global petroleum supply passes through the maritime chokepoint.
India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz.
Source: Scroll
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