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Indian Rupee Falls To Near 16-month Low Against U.S. Dollar

The Indian rupee fell against the U.S. dollar in the evening session on Tuesday, on worries that elevated oil prices may worsen the outlook on the current account.

Rising oil prices could lead to a spike in imported inflation and have a spiralling impact on the prices across other sectors.

The Indian rupee dropped to 75.67 against the greenback, a level unseen since June 2020. The rupee may find downside target around 76.

The material has been provided by InstaForex Company – www.instaforex.com