Kamal Ghorui
Rupee hit a fresh record low of 96.07 against the US dollar on Friday, extending its losing streak over three straight sessions amid soaring crude oil prices and escalating tensions in West Asia.At the interbank foreign exchange market, the rupee opened at 95.86 against the US dollar and slipped further to 95.94, down 30 paise from its previous close. On Thursday, the rupee had weakened to a record closing low of 95.64 against the dollar after touching an intraday low of 95.96.Forex traders said investor sentiment remained under pressure due to elevated crude oil prices, a strengthening US dollar and concerns over disruptions in global energy supplies because of the ongoing West Asia conflict.Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six major currencies, was trading 0.24 per cent higher at 99.05.Brent crude, the global oil benchmark, rose 1.30 per cent to $107.09 per barrel in futures trade, adding further pressure on the rupee as India imports a majority of its crude oil requirements.The rupee has remained under sustained pressure in recent sessions as rising crude oil prices increase India’s import bill and fuel demand for dollars, while geopolitical uncertainty continues to weigh on global financial markets.Earlier in the day, the government also increased petrol and diesel prices by Rs 3 per litre in a bid to curb fuel demand and ease pressure on oil marketing companies.
