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Indian Rupee Hits All Time Low, Crosses Rs 73 Per Dollar Mark

JAVED SAIFI | 0
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| October 3 , 2018 , 12:17 IST

The Indian rupee after opening at an all-time low at the Interbank exchange has further reached Rs 73.33 per the US dollar on Wednesday.

The Indian rupee had opened lower by 33 paise at 73.24 from the previous close of Rs 72.91 per the US dollar. At 11:37 am the Indian rupee was trading at Rs 73.08, down by 0.33 rupees.

Experts have claimed that the Indian rupee has declined to an all-time low to above Rs 73 per dollar because of a surge in the global crude oil prices.

Also Read: Indian Rupee Continues To Free Fall, Reaches Rs 72.90 Per US Dollar

The global crude oil price on Wednesday has surged to nearly $85 per barrel, a four-year high.

A strong demand for the US dollar from importers have been also affecting the domestic currency.

As the Indian rupee has been declining on a daily basis, it was said that it is needed from the Reserve Bank of India to take a note of Indian rupee free fall.

There were reports on September 19 that the Reserve Bank of India could sell at least $25 billion at forex market to support the Indian rupee against the US dollar.

So far in 2018, the Indian rupee has declined by 13 percent in its value and has become a worst performing currency in Asia.