scorecardresearchRupee hits record low on higher global crude prices

Rupee hits record low on higher global crude prices

Updated: 28 Jun 2022, 09:55 AM IST
TL;DR.

Oil prices rose about 1% in early Asian trade after the United Arab Emirates' energy minister said the nation was producing near its maximum capacity, countering expectations that the country could help boost supply in a tight market.

FILE PHOTO: A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad, India, September 20, 2018. REUTERS/Amit Dave

FILE PHOTO: A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad, India, September 20, 2018. REUTERS/Amit Dave

MUMBAI (Reuters) - The Indian rupee opened at a record low against the dollar on Tuesday as a rise in global crude prices and weakness in local shares prompted investors to sell the local unit, traders said, adding that sharp losses during the session were unlikely.

Oil prices rose about 1% in early Asian trade after the United Arab Emirates' energy minister said the nation was producing near its maximum capacity, countering expectations that the country could help boost supply in a tight market.

The partially convertible rupee was trading at a record low of 78.5875/5975 per dollar by 0408 GMT, compared to its close of 78.34 on Monday.

Traders expect the rupee to be supported by central bank dollar sales if it continues to fall during the session, limiting losses of the local currency.

 

(Reporting by Swati Bhat; Editing by Amy Caren Daniel)

First Published: 28 Jun 2022, 09:55 AM IST