Rupee Nosedives To 19-Month Low Against US Dollar | Read
The embattled rupee on Wednesday plunged by 37 paise or 0.54 per cent to close at a 19-month low of 68.61 against the US dollar. Growing crude oil prices led to the fear of a widening current account gap and an increase in inflation, reported news agency Press Trust of India (PTI). This is the lowest closing for rupee against the US dollar since November 24, 2016, when it had settled at 68.73. The Rupee dived to a fresh intra-day low of 68.68 against the dollar in afternoon trade, prompting the Reserve Bank of India to intervene. After a short break, crude oil prices rebounded after the US asked its allies to end all imports of Iranian oil by a November deadline. Concerns over supply disruptions in Libya and Canada also flared up the prices.
