The Indian Rupee dropped to a new low of Rs. 73.34 per dollar during opening deals on Wednesday following a sharp increase in global crude oil prices, Reuters reported.
The new low has decreased sharply than its previous close of 72.91. Owing to Gandhi Jayanti, markets were closed on Tuesday.
Oil prices are all set to brace for the oncoming U.S sanctions targeting Iran’s petroleum industry from November. Prices are said to be at their highest since 2014.
Earlier, the Finance Ministry said the fall in rupee was due to global factors and said there was no need for panic or knee-jerk reactions. He further said the RBI is doing whatever is necessary to deal with the situation, according to IFA Global report.
According to Motilal Oswal report said earlier, “Rupee fell to fresh record low levels primarily on back of surge in global crude oil prices and on expectation that higher crude oil prices will start hurting India’s import bill. Major Asian as well as emerging market currencies remains under pressure and that also is weighing on the rupee.”
