Rupee hits 15-month low; crosses 67/$(The Hindu)

Rupee hits 15-month low; crosses 67/$(The Hindu)

Context

Oil prices hit $75 a barrel while Indian indices rise with support from bank, metal and media stocks

What has happened?

The rupee breached the psychological barrier of Rs. 67 against the dollar amid strong demand for the U.S. currency from importers, as crude oil rose to $75 a barrel.

Rs. the worst performer

• The rupee has been the worst Asian currency performer this year so far against the dollar, losing 5.1% since January.
• Oil jumped to its highest levels since late-2014 on Monday to cross the significant $75 a barrel tag, boosted by Venezuela’s deepening economic crisis and a looming decision on whether the United States would reimpose sanctions on Iran.
• Brent crude, an international benchmark, was trading at $75.57 per barrel in early Asian trade.