Currency Buzz: Indian Rupee Tumbles To Fresh Lows On Elevated Crude Prices

28 Jun 2022 , 11:51 AM

The Indian rupee stumbled upon yet another fresh record low against the dollar on Tuesday amid elevated international crude oil prices. INR touched a low of 78.71 against the dollar for the first time ever. The counter is currently quoting at 78.69. Weakness in local shares, unabated capital outflows from the Indian market too added to sharp losses in the domestic currency. Yesterday, the local unit opened sharply higher at 78.24 against the greenback but paired all of its initial gains to settle at a new low of 78.37 as against its previous close at 78.33 against the greenback. Meanwhile, muted dollar is the only respite for the Indian currency now. The dollar index, that measures the greenback against a basket of currencies is quoting at 103. 66.Powered by Commodity Insights