Rupee Hits 19-Month Low Against US Dollar As Crude Oil Prices Rise

The Indian rupee on Wednesday weakened to a 19-month low against the US dollar as traders were worried that rising crude oil prices could accelerate fiscal deficit and inflation. 
The rupee opened at 68.42 a dollar and touched a low of 68.50—a level last seen on 1 December 2016. The rupee was trading at 68.49 against US dollar, down 0.30% from its previous close of 67.99. Year to date, the rupee weakened nearly 7%.

Oil prices jumped on Tuesday as the US pressed its allies to end all imports of Iranian oil by a November deadline and said it didn’t want to offer any extensions. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774