Rupee hits fresh record low, opens 21 paise weaker at 96.17 against US dollar- Moneycon...

This report covers key India-focused updates related to loans, EMI, interest rates and banking. Rupee hits fresh record low, opens 21 paise weaker at 96.17 against US dollar The Indian rupee opened 21 paise lower on May 18 to a fresh all-time low, as oil prices traded above $110 per barrel and fresh geopolitical tensions in West Asia signalled a deterioration in the situation, denting investor appetite. The local currency was trading at Rs 96.17 per dollar, as compared to Rs 95.96 per dollar in the previous trading session. The rupee breached the psychological level of Rs 96 per dollar for the first time on Friday. Brent crude prices jumped more than 1 percent overnight to trade at $111 per barrel, after a nuclear plant in the United Arab Emirates (UAE) was attacked, and further efforts to come up with a peace deal with the United States and Iran came under jeopardy. Also, there was no notable outcome in the meeting between US President Donald Trump and Chinese Premier Xi Jinping.