Sunday, August 19, 2018
facebook

google plus
Business

Posted at: May 16, 2018, 12:51 AM; last updated: May 16, 2018, 12:51 AM (IST)

Rupee sinks 56 p to 68.07 a dollar

Rupee sinks 56 p to 68.07 a dollar

Tribune News Service

New Delhi, May 15

The rupee on Tuesday crashed by 56 paisa to breach the 68-mark to the US dollar mark, for the first time since January last year as rising crude oil prices and growing trade deficit added to worries over the currency.

The rupee has been one of the worst-performing currencies in the Asia Pacific region in the current year. The trade data released on Tuesday showed that for April oil imports were valued at $10.4 billion, up 41.45% over April 2017.

As domestic retail petrol and diesel prices begin to be revised upwards with the Karnataka elections getting over, foreign broking house, Morgan Stanley estimated that prices are currently benchmarked to $71-72 a barrel and to make up for the margin loss by oil companies in the last nearly three weeks need to be raised by 6% or around Rs 4.5 a litre. It, however, remains to be seen what kind of revision is passed on.

COMMENTS

All readers are invited to post comments responsibly. Any messages with foul language or inciting hatred will be deleted. Comments with all capital letters will also be deleted. Readers are encouraged to flag the comments they feel are inappropriate.
The views expressed in the Comments section are of the individuals writing the post. The Tribune does not endorse or support the views in these posts in any manner.
Share On