INR collapses to fresh record low

The Indian rupee is seen collapsing to new record lows against the dollar in opening trades on Tuesday amid rebound in oil prices and dollar index edging higher. US President Donald Trump reportedly said that the ceasefire with Iran was on life support with hopes for a deal with the country fading, triggering a surge in crude oil prices. Market sentiments remained dominated by fears that the 10-week-old conflict could further tighten global supply, particularly after Trump rejected Tehran's latest response to a US-backed peace proposal, calling it totally unacceptable. At the interbank foreign exchange market, the rupee opened at 95.57 against the US dollar and then fell further to an all-time low of 95.63 against the greenback, down 35 paise from its previous close.

 

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