The currency had briefly recovered to around 83.50 two weeks ago but has been under renewed pressure due to global market conditions.
Indian Rupee to Dollar today latest news: The Indian rupee sank to a record low against the US dollar on Friday, largely due to soaring oil prices and persistent foreign fund outflows from the domestic stock markets. The rupee dropped to 83.99 per dollar, narrowly surpassing its previous low of 83.9850, recorded on September 12, and marking a further dip from the 83.9675 level seen in the prior trading session.
The currency had briefly recovered to around 83.50 two weeks ago but has been under renewed pressure due to global market conditions.
“Crude prices surged by over 3% yesterday, driven by concerns of potential supply disruptions in the Middle East, with tensions escalating between Israel and oil-producer Iran. Additionally, the spike in fuel demand as Hurricane Milton hit Florida contributed to the rise,” said Saish Sandeep Sawant Dessai, an analyst at Angel One, as quoted by India Today.
The storm has significantly impacted gasoline demand in Florida, with roughly a quarter of fuel stations running out of supplies, further driving up crude prices. Experts expect oil prices to continue rising amidst these geopolitical tensions and extreme weather events, exacerbating the rupee’s downward trajectory.
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