NEW DELHI: The rupee on Tuesday opened 23 paise down at 71.83 against the US dollar on account of buying in American currency by banks and importers.

The local currency on Monday slipped by over 65 paise following a spike in crude oil prices in the international markets. Surging crude oil prices have emerged as major fears for India, which is the world's third-largest oil importer as it will lead to fiscal slippage and inflationary pressure, PTI reported.

Crude oil benchmark, Brent Futures, surged almost 20 per cent to $71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply. It was also the biggest gain in Brent in dollar terms since futures started trading in 1988.

The domestic currency had closed at 71.60 against the dollar on Monday.

Published On : 17-09-2019

Source : Economic Times