The Indian Rupee has tumbled to just 0.3% off a record low as oil prices rise as a result of building expectations that the United States and her allies will launch military action against the Syrian regime following the use of chemical weapons in the country’s savage civil war.
The Rupee weakened by against the Dollar to trade in the region of 66.0.
The price of oil is set to rise after US secretary of state John Kerry said that President Barrack Obama will hold Syria to account for the use of chemical weapons on civilians in Damascus. The comments coincide with a naval build-up of US forces in the eastern Mediterranean. Fears are building that any conflict could enflame the wider Middle East with both Iran and Russia declaring that any action will have dire consequences.
“We want to strongly warn against any military attack in Syria. There will definitely be perilous consequences for the region,These complications and consequences will not be restricted to Syria. It will engulf the whole region,” warned Iranian foreign ministry spokesman Abbas Araqchi.
India will be hit particularly hard if oil prices rise as the country imports up to 80% of its oil. A rise the cost of gold has also hit the country’s economy as India is the world’s largest consumer of the precious metal.
Current Rupee (INR) Exchange Rates:
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 101.7411 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 87.517 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 65.5906 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 58.7128 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 51.0932 >
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 62.3073 >
(Correct as of 11:15 am GMT)
Comments are closed.