As the ongoing crisis in West Asia continues to unnerve international financial markets, the Indian rupee fell to an all-time low on Friday, March 13, under pressure from continuously increasing crude oil prices.
Previously, on Friday, the rupee fell to its lowest mark of 92.48 against the US dollar.
The main factor influencing currency markets is crude oil, whose prices are currently close to $100 per barrel, far higher than they were at $70 before to the escalation of Middle East hostilities.
This came to pass as gold and silver prices declined in early trade on Monday. This reflects pressure from a stronger US dollar and cautious investor sentiment ahead of key global central bank meetings.
On the COMEX, gold futures fell $56.70, or 1.12%, to $5,005 per ounce, while silver dropped $1.738, or 2.14%, to $79.605 per ounce.
Meanwhile, when trade resumed following the weekend, crude oil prices experienced slight increases, but this was sufficient to push US crude prices back above $100 per barrel.
(Edited by : Juviraj Anchil)
