Rupee hits over 1 month low as oil prices surge

Tags: News
The rupee weakened to 60 to a dollar on Monday, its lowest in more than a month, as strong demand for the greenback from oil marketing companies weighed after global crude prices surged to nine-month highs on Friday.

At 9:34 a.m., the rupee was at 59.9850/9900 after hitting 60.00, a level last seen on May 12. The pair had closed at 59.76/77 on Friday.

Traders expect the rupee to weaken further during the session as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer.

EDITORIAL OF THE DAY

  • Reforms to expect in the near future that befit Modi’s style of governance

    As prime minister Narendra Modi himself told the civil services officers, fruits of economic reforms can be enjoyed only when they put an end to red t

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium : THE UGLY AND INCONVENIENT TRUTH

Same song, different verse. The time for polemics over how ...

M S Swaminathan

Double the money

Both the National Policy for Farmers’ and the reports of ...

Zehra Naqvi

Interconnectedness of every life form

Human hubris makes us imagine ourselves as masters of the ...