Indian rupee weakens against dollar amid intensified Middle East conflict
Indian rupee has weakened against the U.S. dollar on Monday as spike in global crude oil prices and persistent fund outflows from foreign institutional investors (FIIs) dampened investors’ sentiment. The crude oil prices surged past the crucial $100 per barrel mark as conflict in Middle East intensified threatening crude production and shipping in the region. Further, the Finance Ministry, in its latest report Monthly Economic Review for February, has said that rising prices of petroleum products and fertilizers due to the prolonged crisis in the Middle East may stoke inflationary pressures on India and may have adverse implications for the exchange rate. On the global front, the Canadian dollar has strengthened against other major currencies in the Asian session, as crude oil prices rise by more than 25% after the U.S. and Israel attacked multiple Iranian oil depots
Finally, the rupee ended at 92.33 (Provisional), weakened by 51 paise from its previous close of 91.82 on Friday. The currency touched a high and low of 92.35 and 92.15 respectively.
