India
At the interbank foreign exchange market, the rupee opened at 68.87 a dollar against 68.61 previously and sank to 69.10 in morning deals, falling 49 paise.
Updated : Jun 28, 2018, 10:56 AM IST
The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country's current account deficit and inflation dynamics.
Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.
At the interbank foreign exchange market, the rupee opened at 68.87 a dollar against 68.61 previously and sank to 69.10 in morning deals, falling 49 paise.
Global oil prices have climbed after the US asked its allies to end all imports of Iranian oil by November. Concerns over supply disruptions in Libya and Canada also pushed prices higher.
Higher crude oil prices and a declining rupee are a double whammy for India, forex dealers said.
Meanwhile, the benchmark Sensex was down by 90.26 points, or 0.25 per cent, at 35,126.85 in early trade today.
How Twitter reacted:
69 to the dollar?
— Ramesh Srivats (@rameshsrivats) June 28, 2018
The #Rupee used to make a lot of sense.
Now it only makes cents.
#Rupee is at an all time low is like saying my age is at an all time high today! #justsaying :)
— Ajit Ranade (@ajit_ranade) June 28, 2018
thoda ₹ depreciation hota hi rahega
Shout out to #Currency down... Now singles can also get 69 !!!#AchheDin#Rupee
— Attraversiamo !! (@i_upasana) June 28, 2018
And it happens.. #rupee hits 68.89/$ - record low as crude oil and global trade tensions play havoc on emerging market currencies. I.T. and Pharma could see some sentimental gains in the near term
— Shraddha Babla (@shraddha_babla) June 28, 2018
This is how #Rupee has fallen in last few days! pic.twitter.com/rQ1I19997l
— TradeGyani (@TradeGyani) June 27, 2018
#Rupee oil is not a factor in INR fall, 10 yrs back oil was at USD 100 and INR was at Rs 45-50 lvls. Weakness is on em currency sell off, markets are short and stability will come only when sell off eases or short covering happens
— Arjun Parthasarathy (@arjunparthasara) June 28, 2018
Land of Kamasut₹a https://t.co/cgfp7vbXKb
— MANJUL (@MANJULtoons) June 28, 2018
Dollar has been 69ed...
— Vivek (@kaul_vivek) June 28, 2018