Rupee Falls To Lowest In Over a year against US dollar

The Indian Rupee (INR) weakened sharply against the US dollar on Monday and fell to as much as 67.18 per dollar during the day’s trade, say reports. The rupee closed at 67.13 per dollar, its lowest close since February 8, 2017. The rupee breached the 67-mark due to a broad strengthening of the US dollar and a rise in global crude prices.

Madan Sabnavis, the chief economist of CARE Ratings, told NDTV that fundamentals driven by higher oil prices and the pressure on the balance of payments and the rising yields in the West caused the rupee to weaken. Reports suggest that the Karnataka elections to be held on Saturday could be a trigger on the domestic front.