News Column

Indian Rupee Falls To 7-week Low Against US Dollar

June 16, 2014

NEW DELHI (Alliance News) - The Indian rupee weakened against the US dollar in the morning deals on Tuesday as sentiment fell amid escalating violence in Iraq, leading to surge of oil prices.

Amid the ongoing crisis in Iraq, USPresident Barack Obama deployed 275 military personnel for military action to support Iraq's besieged government. The talks held yesterday in Vienna with US and Iranian officials to stabilize the region and separate negotiations about the Iranian nuclear program has been roiled by the seizure of Sunni insurgents towards Baghdad.

Against the greenback, the rupee fell to a 7-week low of 60.4950. At yesterday's close, the rupee was trading at 60.1700.

If the rupee extends its downtrend, it is likely to find support around the 60.77 zone.

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Source: Alliance News

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