Rising crude oil prices push rupee to 15 month low against dollar

With the rise in crude oil price to $ 75 a barrel, the rupee fell to  67.13 against a dollar due to rising demand for the dollar. This is the lowest level of rupee in the past 15 months.
Market sources said that the strength of rupee was affected by the recovery of dollar by heavy imports of oil importer companies. The rupee touched a low of Rs 67.18 per dollar in the late afternoon trade on the Interbank Foreign Exchange market and finally closed at a low of Rs 67.13 per dollar, indicating a huge loss of 26 paise or 0.39 per cent. This is the lowest level since February 8, 2017 when it closed at Rs 67.19 a dollar. The Reserve Bank of India had fixed the reference rate for the business at Rs 67.1060 per dollar and 80.1179 rupees.

In the inter-currency trading, the rupee declined in comparison to the pound and Japanese yen, while it rose faster than the euro.