Wednesday, October 4th, 2023

Indian Rupee heats up due to boiling of crude oil, reaches record low of 83.26

Photo:PIXABAY indian rupee

The continuous sharp trend in the price of Crude Oil in the international market is troubling the Indian Rupee (INR). The increased price of Crude Oil has brought the Rupee (Dollar vs Indian Rupee) to an all-time record low of 83.2675 against the US Dollar. It is being told that the possibility of weakness in the rupee still remains. According to the news of IANS, the price of Crude Oil (Crude Oil Latest Rate) is around $ 95 per barrel. Further movement of rupee will completely depend on oil prices.

Reserve Bank of India is trying

According to the news, to support the Indian currency, the Reserve Bank of India (RBI) is releasing dollars in the market. But this will not help much because India imports 85 percent of its oil needs, for which immediate payment has to be made in dollars. A forex expert at a private bank said that the RBI will be there to protect the rupee with its adequate reserves of foreign exchange reserves. But it cannot go beyond one point.

What do experts say

Another expert said that foreign investment in Indian stock markets has also helped in controlling the rupee’s volatility, but it is hot money which can suddenly go out and cannot be trusted. Crude Oil Prices have been trending upwards for the last three weeks. Apart from this, they have reached their maximum level since November after Saudi Arabia and Russia decided to cut supply till the end of this year. There has also been some increase due to the fear of reduction in supply in the coming days. Prices are rising due to panic buying.

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Prediction of crossing the $100 level

Citibank even predicted on Monday that benchmark Brent crude prices could cross the $100 level this year. Chevron CEO Mike Wirth has also said he expects crude oil prices to rise above $100 a barrel. India’s currency, loan and equity markets are closed on Tuesday due to Ganesh Chaturthi holiday. Businesses will resume on Wednesday.

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