Rupee sheds 24 paise against US dollar as crude oil prices rally

At 10.30 am, the rupee was trading 24 paise lower against the US dollar at 67.32.

business Updated: May 09, 2018 10:36 IST

On Tuesday, the rupee gained five paise to 67.08 against the US currency on suspected RBI intervention and stray dollar demand.(Reuters File Photo)

The rupee plunged by 24 paise to 67.32 against the US dollar in early trade on Wednesday, following surging demand for the greenback as crude oil prices zoomed past $76 per barrel level amid foreign capital outflows.

Forex dealers said the dollar strengthened against major global currencies overseas as crude oil prices rallied and pushed Treasury yields higher after US President Donald Trump pulled out from the international nuclear deal with Iran.

Early losses in stock markets and demand for the US currency from importers also weighed on the rupee, they added.

On Tuesday, the rupee gained five paise to 67.08 against the US currency on suspected RBI intervention and stray dollar demand.

Meanwhile, the benchmark BSE Sensex was rangebound in early trade, with oil and gas stocks trading lower on weak global cues.