Rupee slumps to all-time low of 96.33 against US dollar in early trade on Monday
The Indian rupee slumped to an all-time low of 96.33 against US dollar in early trade on Monday, driven by rising crude oil prices above $111 per barrel stemming from the Middle East conflict, heightened inflation fears, and a surge in the US 30-year Treasury yield to its highest level in nearly two decades. The rupee also weakened due to reports of an attack on a nuclear facility in the UAE and expectations that US President Trump could discuss military options on Iran. Additionally, rising US dollar following strong economic data from the United States also dented sentiment for emerging market assets, including the rupee. Meanwhile, Foreign Institutional Investors remained net buyers for the second straight session, purchasing equities worth Rs 1,329.17 crore on Friday, exchange data showed. Moreover, the Reserve Bank said India's forex reserves jumped by $6.295 billion to $696.988 billion during the week ended May 8.
