Indian rupee (INR) today fell sharply against the US dollar (USD) as surging oil prices stoked fiscal slippage and inflationary concerns. Bond yields also hardened in the wake of rising oil prices. So far during the day, the rupee traded in the range of 69.73 to 69.88 against the US dollar, after opening at 69.76. The price of Brent crude, the global oil benchmark, rose over 3% to above $74 a barrel, the highest intraday price in almost six months. Elevated crude prices could widen the country’s current-account deficit and stoke inflationary pressures.

Source: Mint April 22, 2019 05:00 UTC