Brent crude futures surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid U.S.-Iran tensions
Brent crude futures surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid U.S.-Iran tensions
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The rupee slumped by 34 paise to close at 95.08 (provisional) against the American currency on Wednesday as crude prices crossed the USD 100 per barrel mark, stoking concerns over inflation and high forex outflows.Weak equity markets and FII outflows also pressurised the rupee, forex traders said.Brent crude futures surpassed USD 100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid …
The rupee fell by 34 paise, settling at 95.08 against the US dollar, amid rising crude oil prices that have breached USD 100 per barrel, raising inflation fears. The depreciation was fueled by sluggish equity markets and foreign institutional investor sell-offs. Additionally, escalating tensions in West Asia contributed to Brent crude futures surpassing USD 100, indicating a continued bearish trend for the local currency.
