Indian rupee hits record low of 83.99 against US dollar amid rising oil prices, foreign fund outflows
PTC Web Desk: The Indian rupee fell to a record low against the US dollar on Friday, closing at 83.99 per dollar. This decline is attributed to concerns over rising oil prices and ongoing foreign fund outflows from India's stock markets. The rupee's new low slightly surpasses its previous record of 83.9850, set on September 12, and is down from 83.9675 recorded in the last trading session. Earlier, the rupee had shown signs of recovery, touching 83.50 just over two weeks ago.
According to experts, crude prices rose over 3 percent on Thursday due to fears of supply disruptions in the Middle East, with Israel potentially targeting oil-producing Iran, alongside increased fuel demand following a severe storm in Florida. The US, the world's largest oil producer and consumer, has been hit by Hurricane Milton, the second major storm, causing tornadoes and seawater surges along Florida's west coast."
The surge in demand for gasoline in Florida has led to a shortage at about a quarter of fuel stations, further supporting higher crude prices. Analysts expect crude prices to remain elevated due to ongoing concerns over supply disruptions in the Middle East and heightened fuel demand in the aftermath of the storm.
- With inputs from agencies
