Rupee tanks further as crude prices continue to surge

Rupee tanks further as crude prices continue to surge

Representative image. (Photo/Pixabay)

The Indian rupee continued to fall throughout the weekend as crude oil continued to surge amid geo-political tensions emerging in the Middle East.

The domestic currency opened 21 paise lower at 72.01 per dollar on Monday versus Friday's close of 71.80. At the time of filing this copy, the rupee was trading 28 paise lower at 72.08, as per greenback. This is the two-month low for the domestic currency, as it has wiped out all its gains in the past two trading sessions.

Follow live updates of the US-Iran tensions here

The rupee plunged by 42 paise to settle at a one-and-a-half-month low of 71.80 against the US currency on Friday due to a spike in crude oil prices after US President Donald Trump ordered an airstrike that killed an Iranian commander Qasem Soleimani.

As the Gulf country reacted by launching rocket strikes on the US bases in Iraq, including US Embassy, the crude oil continued to surge for second day in the row and crossed $70 a barrel.

At the time of filing this copy, benchmark Brent crude futures were trading at $70.61 a barrel, up 2.92%, in the international market. On Friday, the Brent futures had surged by 4% to close at $68.66 a barrel.
 

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