Rupee hits one month low as oil prices flare

Posted By:

Rupee hits one month low as oil prices flare
The rupee was trading at a one month low as oil prices rose sharply on the back of escalating tensions in Iraq. The rupee was last is trading at 59.47, against Thursday's close of 59.25/26.

This level was last seen in mid-may for the rupee. Meanwhile, Reuters reported that Sunni Islamist militants have extended their advance south towards Baghdad prompting President Barack Obama to warn of possible US military intervention, while Iraqi Kurdish forces took control of the oil hub of Kirkuk amid the chaos.

India imports bulk of its crude requirements and any sharp escalation in oil prices, pushes the rupee lower. Check rupee rates here

Read more about: dollar
Story first published: Friday, June 13, 2014, 12:14 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?