Indian Rupee Drops Agains USD

The Indian rupee faced selling pressure in later deals on Wednesday as Islamic militants attacked Iraq’s biggest oil refinery located in Baiji, causing fears of disruption in oil supplies.

The militants took control over the refinery and are reportedly advancing towards capital Baghdad .

The rupee declined to a near 2-month low of 60.5355 against the greenback and held steady thereafter. The next support for the rupee is seen around the 60.7 level. At yesterday’s close, the pair was worth 60.33.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza