Rupee hits record low as Brent crude nears $110
after close1 source ↓written by the desknot a recommendation
- prices
- 6% surge in Brent crude
- reaching
- $109.84 per barrel
- were unsuccessful
- 92.50 level
The Indian rupee fell to a record low of 92.63 against the US dollar, driven by a 6% surge in Brent crude prices, reaching $109.84 per barrel. This spike, amid rising tensions in West Asia, has increased India's import costs, pressuring the currency further. Traders noted the Reserve Bank of India’s efforts to defend the 92.50 level were unsuccessful, leading to increased dollar demand from importers.
Not investment advice. For informational purposes only.