Rupee tanks 43 paise, ends below 73 level for the first time ever


Rupee tanks 43 paise, ends below 73 level for the first time ever

The rupee on Wednesday closed below 73 level for the first time ever against the US dollar after crude oil prices edged up on expectations of tighter markets once US sanctions target Iran’s petroleum industry from next month.

The local currency settled 43 paise down at 73.34 against the American currency.

Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers said, “The rupee has made a new record low on the back of consistent rise in the crude oil prices. Sharp volatility in the domestic equities and steep FIIs outflows from equity and debt segments keeping sentiments bearish for the rupee.”

Brent crude oil was hovering around $85 per barrel in the afternoon trade, while WTI crude was above $75 per barrel. Earlier in the day, the benchmark BSE Sensex and NSE Nifty slipped more than 1.50 per cent each. Read More

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