Indian Rupee weakest since November 2016 on higher oil prices

Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after US officials told importers to stop buying Iranian crude from November. 

Indian Rupee weakest since November 2016 on higher oil prices
Some dealers said the Reserve Bank of India (RBI) had intervened only mildly earlier in the day by selling dollars. Image source: PTI

The rupee weakened to 68.61 to the dollar, its weakest since November 30, 2016, as high oil prices stoked importers to a step-up purchase of the greenback.

Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after U.S. officials told importers to stop buying Iranian crude from November. 

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Some dealers said the Reserve Bank of India (RBI) had intervened only mildly earlier in the day by selling dollars.

The rupee was trading at 68.61 to the dollar compared with its previous close of 68.25, making it a 0.52 percent decline so far in the day.

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Written By: Reuters
Updated: Wed, Jun 27, 2018
02:29 PM IST
Mumbai, Reuters
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