Renewed tariff woes and elevated oil prices drag INR precariously near historic lows
Mumbai, July 24 -- The Indian rupee is dangerously hovering near record lows and is seen very likely to plunge further as new tariff woes from US in adding to already distressed local currency. The U.S. imposed 10% tariffs on goods purchased from India and 16 other countries over the issue of the use of forced labour in the production of such items.The domestic currency has been under pressure amid the ongoing Middle East crisis that is driving oil prices steadily higher and dollar index above 101 mark. Adding to woes, sharp decline in local equities as foreign investors withdraw sharply from Indian equities. INR opened at Rs 96.81 per dollar and was pulled back to a 96.48 so far during the day by possible RBI intervention to stabilize ru...
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