Forex
Rupee Sinks Amid Crude Price Surge, FII Outflows
The Indian rupee has slumped by 34 paise to close at 95.08 against the US dollar on September 9, amid rising concerns over inflation and high foreign exchange outflows.
The decline was triggered by Brent crude prices surpassing $100 per barrel for the first time in almost six weeks, after attacks on oil facilities and ships in West Asia increased tensions between the US and Iran.
Brent crude futures were trading higher by 2.94% at $100.73 per barrel as of September 9.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, attributed the rupee's decline to rising crude oil prices and risk aversion in global markets, with FII outflows also contributing to the pressure.