The rupee was strengthened by 8 paise to 66.79 against the dollar in early trade today on fresh selling of the US currency by exporters and banks amid a higher opening in the domestic equity market. However, it experienced a 15 month low, by crossing the 67 mark in mid-morning trade.
The US dollar has been on a 4-month high, aided by the increase in crude oil prices. According to a Reuters report, high prices are still prevailing from the impending decision on whether the US will move away from its Iran deal and reimpose sanctions on Tehran.
The Indian rupee has been declining in value since February and experienced a big plunge in the second week of April 2018.
Down by 26 paise against the US dollar, the rupee was at 67.13, the lowest since 17 February 2018. It had been ranging between 66.78 and 67.13 a piece in the morning trade.
On Friday, the rupee had lost 23 paise to close at 66.87 against the US currency in highly volatile trade. Concerns over higher commodity and energy prices impacting domestic environment also impacted the falling prices.
US dollar still stands close to its 2018 peak price in early trade on Monday. Crude oil prices in the US were up by $70 per barrel on Monday; the first time since November 2014. The new highs in Brent crude due to the worsened economic crisis in Venezuela was weighing on its shedding oil supply, thus affecting oil prices in the US.