Rupee Declines To End At 71.93 Against Dollar As Crude Oil Price Rises

Rupee Declines To End At 71.93 Against Dollar As Crude Oil Price Rises

The rupee extended its losses to third straight day against the US dollar as crude oil prices surged

The rupee moved lower against the US dollar on Monday as crude oil prices continued to rise amid supply concerns. The rupee started lower at 72.03 against the US currency in intraday trade on Thursday, and dropped to as low as 72.11 during the day before paring some of those losses by the end of the session. Rising crude oil prices as escalating tensions between the US and Iran fuelled fears of conflict in the Middle East impacted the currency, say analysts. The dollar index – which gauges the greenback’s strength against a basket of six currencies – fell 0.28 per cent to 96.56.