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Rupee Hits Record Low Amid Oil Price Surge and Global Tensions

By NDP newsroom

The Indian rupee plunged to a historic low on August 28, 2013, marking its steepest one-day fall in 20 years. Rising global oil prices, driven by tensions over potential military action in Syria by the U.S., France, and the U.K., exacerbated concerns about India’s current account deficit and economic stability.

Brent crude prices have surged 7.4% this month, adding strain to India’s economy, which relies on imports for nearly 80% of its oil. This turmoil comes alongside global investors pulling $8.7 billion from Indian debt markets since late May, fueled by expectations of the U.S. Federal Reserve tapering its stimulus.

The rupee's freefall underscores mounting economic challenges, reminiscent of the 1991 crisis. Indian bonds also faced significant declines, reflecting broader market jitters.

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