Indian rupee sinks to record low

The Indian rupee fell this morning. Domestic equity markets rose, and a slight decline in global crude oil prices failed to allay concerns about a global dollar shortage.

The US dollar weakened today, while the euro gained. Europe may be able to avoid its worst fears about energy shortages, and the European Central Bank may start to raise interest rates.

The convertible rupee was little changed at 79.9450 per dollar from Tuesday’s close of 79.94, a record low.

Oil prices fell slightly at the beginning of Asian trading. It was under pressure from efforts by central banks around the world to raise interest rates.

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