Rupee: On Monday, the rupee had a significant decline versus the dollar as oil prices rose on anticipation that producers may reduce output, which would likely cause inflation to increase further and lead to more aggressive central banks.
According to reports, the rupee last traded at 81.7188 against the dollar on the first trading day of October, up from its Friday close of 81.3488.
According to sources, the local currency decreased 38 paise to 81.78 versus the US dollar in the opening exchange.
After the ‘Reserve Bank of India’ raised interest rates to a three-year high and underlined its resolve to take whatever steps are necessary to control inflation and stabilise the currency from erratic fluctuations, the rupee experienced considerable gains on Friday.
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India depends on other countries for oil needs
Oil prices rose by more than 3% in early Asian trade on Monday as Organization of the Petroleum Exporting Countries (OPEC+) considered reducing output by more than 1 million barrels a day, which would be its greatest reduction since the pandemic in an effort to support the market.
Due to India’s dependence on imports for more than 80% of its oil needs and the widening of the country’s balance of payments due to the higher international price, Rupee is suffering.
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