Re Hits Rock Bottom, Nosedives To 86.62/$
Crude prices shot up by $1 to over $81/bbl after the US imposed tougher sanctions against Russia’s energy sector over its war against Ukraine
Re Hits Rock Bottom, Nosedives To 86.62/$
Mumbai: The rupee logged its steepest single-day fall in nearly two years and ended the session 58paise down at its historic low of 86.62 against the US adollar on Monday, weighed down by a stronger American currency and surging crude oil prices.
Sanctions on Russian oil exports by the US pushed the rupee to a fresh low against the dollar. And on the other hand, oil extended gains to hit the highest in more than four months as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies in an already-tightening global market.
Crude prices shot up more than $1 a barrel to over $81/bbl after US President Joe Biden’s administration tougher sanctions against Russia’s energy sector over its war with Ukraine.
At the interbank foreign exchange, the rupee opened at 86.12, and moved 1 paisa during intraday to 86.11 before closing the session with a loss of a staggering 58 paise at its lowest-ever level of 86.62 against the Greenback.
