The indian rupee finally crossed the mark of 80 to a dollar . The rupee was trading at 80.01 a dollar down 0.03% down from its previous close. It opened at 79.99 and touched a fresh record of 80.02. The rupee crossed a psyhologically significant level of ET after crude oil surge and concerns about tighter supplies globally.
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The indian central bank has taken a number of steps in recent past to strengthen the indian currency but the rupees is continously sliding on account of outflow of foreign funds, higher interest rates and the US high crude oil prices and increasing dollar demand for travel and trade.
Overnight the crude oil surge is over 5% after Saudi Arabia declined to commit to output increases following a visit by US president Joe Biden and the disruption along the key pipeline.