• India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
More
Hindi Tamil Telugu
More
In the news
Narendra Modi
Amit Shah
Box Office Collection
Bharatiya Janata Party (BJP)
OTT releases
Hindi Tamil Telugu
User Placeholder

Hi,

Logout

India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
Home / News / Business News / Indian Rupee plunges to one-year low amid oil price concerns
Next Article
Indian Rupee plunges to one-year low amid oil price concerns
The Rupee's drop comes amid rising concerns about oil prices

Indian Rupee plunges to one-year low amid oil price concerns

By Rishabh Raj
Oct 16, 2023
06:18 pm

What's the story

The Indian Rupee has hit a one-year low, dropping to 83.28 against the US Dollar on Monday.

This slump is due to growing concerns about oil prices and the possibility of the ongoing conflict in the Middle East involving other countries.

As events unfold, investors are keeping a close eye on developments and their potential impact on global financial markets.

Details

Reserve Bank of India's intervention efforts

To keep the Rupee from hitting an all-time low, the Reserve Bank of India (RBI) has been stepping in regularly.

The central bank likely sold US dollars earlier in the session to help stabilize the currency.

The RBI's actions aim to maintain economic stability and minimize any negative effects on India's financial system.

You're
33%
through

What Next?

Impact of oil prices on Indian economy

As one of the world's largest oil importers, India is especially sensitive to changes in oil prices.

Rising oil prices can lead to increased inflation and a widening current account deficit, putting pressure on the nation's currency.

With tensions mounting in the Middle East, worries about potential disruptions to oil supplies have grown, causing uncertainty among investors and contributing to the Rupee's decline.

You're
66%
through

Insights

Market reactions and future outlook

The weakening of the Indian Rupee has market participants on edge, closely watching for any further drops in the currency's value.

As global events continue to unfold, investors will be keeping an eye on both domestic and international factors that could affect India's economic stability.

The RBI's ongoing intervention efforts will also play a crucial role in determining the future path of the Rupee.

Done!
Facebook
Whatsapp
Twitter
Linkedin
Related News
Latest
US Dollars
Indian Rupee (INR)

Latest

Harshvardhan Rane won't star in 'Sanam...2' if 'previous cast' returns Bollywood
How India chose which Pakistan airbases to strike: Report Drones
These nations can host remainder of IPL 2025  Indian Premier League (IPL)
Explained: PVR Inox-Maddock Films's legal dispute over 'Bhool Chuk Maaf' Dinesh Vijan

US Dollars

Sensex climbs 909 points, Nifty ends above 17,850 mark Stock Market
Sensex falls 335 points, Nifty ends below 17,800 mark Stock Market
Sensex slips 220 points, Nifty ends near 17,700 mark Stock Market
Sensex climbs 377 points, Nifty ends above 17,850 mark Stock Market

Indian Rupee (INR)

Sensex falls 326 points, Nifty barely holds 17,300 mark Stock Market
Sensex climbs 449 points, Nifty settles just above 17,450 mark Stock Market
Sensex falls 502 points, Nifty ends below 17,350 mark Stock Market
Sensex gains 900 points, Nifty ends around 17,600 mark Stock Market
Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin
All rights reserved © NewsBytes 2025