Indian Rupee Slips As Oil Prices Rise
Indian Rupee Slips As Oil Prices Rise
The Indian rupee fell six paise to 74.26 against the US dollar (20.23 versus the UAE dirham) at the opening of the markets on Monday as rising oil prices weighed on the South Asian currency.
The rupee opened at 74.24 against the dollar at the interbank market and then dropped to 74.26. It had closed at 74.20 against the US dollar on Friday.
“The apparent risk for the rupee this week is persistently higher crude oil prices. That, coupled with the market expectations for a slightly stronger dollar in the short run, will continue to weigh on the local unit,” Reliance Securities said.
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