Bombay: The rupee closed in a new low of 83.45 against American dollar on Wednesday, falling 10 paise from the previous day's close of 83.35.
The currency weakened due to rising crude oil prices in the international market. Brent crude oil prices reached a five-month high of $90 per barrel due to renewed supply concerns and the escalation of conflict in West Asia and Russia, which saw its refineries attacked by drones. currency remains stable. On March 22, the rupee hit a low of 83.43.
According to Jateen Trivedi of LKP Securities, the rupee had a small opening around 83.3 but ended up giving up those gains. The strength of the dollar index and higher crude oil prices were the reasons behind the rupee's decline.