MUSCAT – Currency dealers said the rupee continued its downward trend amid mounting global economic pressures, rising crude oil prices and investor concerns linked to tensions in the Middle East.
The Indian currency touched fresh record lows against the dollar during early trading, as markets reacted to expectations of prolonged high energy prices and continued foreign fund outflows from Indian markets.
Analysts attributed the depreciation largely to surging crude oil prices, which climbed above $100 per barrel amid fears of supply disruptions linked to regional instability and concerns surrounding shipping routes near the Strait of Hormuz
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