Rupee Plunges on Inflation and Oil Price Worries

The Indian rupee opened lower against the US dollar on September 15, weighed down by concerns over inflation and rising oil prices. The rupee started the day at 95.76 per dollar, a decline of 21 paise from Friday's close of 95.55.

Finrex expects the rupee to open at 95.83 per dollar on September 15, with the dollar index rising to 99.59 as Brent crude prices approach $110 a barrel.

The Indian Basket of Crude Oil stood at $119.69 per barrel as of September 11, more than $12 above Brent, adding to concerns for India's oil companies which are buying crude to meet domestic consumption.