Question

6.oo rupees to 430 paise

Answer 1

The rupee on Thursday opened 6 paise lower at 67.33 against US dollar.

The domestic currency on Wednesday closed 19 paise lower at 67.27 due to growing concerns over surging crude prices and foreign capital outflows. This was the lowest closing for the rupee since February 7, 2017, when it had settled at 67.41 against the dollar.

Panic dollar demand from importers and traders had sent the Indian unit tumbling by a sharp 40 paise to 67.48 in early trade on Wednesday, triggering RBI's intervention to defend the sinking currency, PTI reported citing a currency dealer.


Forex market sentiment wobbled after crude prices surged more than 3 per cent to hit three-and-a-half-year high following the US President Trump's decision to withdraw the US from the Iranian nuclear deal and extend sanctions on the oil producer country.

On Thursday, oil prices clocked up more multi-year highs as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market, Reuters reported. Brent crude futures, the international benchmarkfor oil prices, hit their strongest since November 2014 at $77.76 per barrel.