USD/INR hits new high above 73
|- The Indian rupee crossed the 73.00 mark against the US dollar for the first time.
- The INR may slide further if oil prices continue to rally.
The USD/INR clocked a new high of 73.34 on Wednesday, having witnessed a falling channel breakout earlier this week.
At press time, the USD/INR pair is trading at 73.30.
The Indian rupee has lost 14 percent this year and may slide further if the oil price continues to rise, complicating matters for the energy importing economy with a high current account deficit.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.