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Rupee Breaches 84 Against US Dollar Amid High Oil Prices and FII Outflows: Economic Concerns Deepen
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Friday, 11 October 2024
India’s financial markets are facing a turbulent period as the rupee plunged past the 84 mark against the US dollar for the first time on October 11, 2024. This decline is driven by a combination of surging global crude oil prices and substantial Foreign Institutional Investor (FII) outflows from Indian equities. The rupee closed at 84.06, a record low, raising concerns about inflation and its broader impact on the Indian economy. Key Drivers of the Depreciation: 1. Rising Oil Prices: The ongoing Middle East geopolitical tensions, particularly the Israel-Gaza conflict, have disrupted crude oil supplies, pushing Brent crude prices up by more than 10% in October alone, now hovering around […]
Rupee Breaches 84 Against US Dollar Amid High Oil Prices and FII Outflows: Economic Concerns Deepen
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