Rupee Hits Record Low of 86.31 Against US Dollar as Oil Prices Surge

Rupee Hits Record Low of 86.31 Against US Dollar as Oil Prices Surge

The Indian rupee fell by 27 paise to a historic low of 86.31 against the US dollar in early trade on Monday, following Friday's close at 86.04.

Rising crude oil prices, continuous foreign capital outflows, and weak domestic equity trends added pressure. The rupee opened at 86.12 at the interbank forex market but quickly dropped. Brent crude rose 1.44% to $80.91 per barrel, increasing inflationary worries. A strong US dollar, backed by robust job data and higher Treasury yields, further weighed on the currency.

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