Rupee Falls To Lowest In More Than Six Weeks Against U.S. Dollar
The rupee on Friday plunged by 43 paise to settle at a one-and-a-half-month low of 71.81 against the U.S. dollar.
This after crude oil prices surged on escalating U.S.-Iran conflict. A Trump-ordered U.S. airstrike killed Iran Revolutionary Guards commander Qassem Soleimani near the Baghdad airport on Friday.
At the interbank foreign exchange market, the rupee opened at 71.61. The unit finally settled at 71.81 against the US dollar, logging its biggest single-day loss of 43 paise in more than one-and-a-half month.
On Thursday, the domestic unit had dropped by 14 paise to end at 71.37 against the US dollar. Following U.S.-Iran tensions, Brent futures, the global oil benchmark, soared 4.24 percent to $69.06 per barrel.
On a weekly basis, the domestic unit lost 45 paise.