CORPORATE WORLD

Rupee tumbles

Agency, Mumbai
16/09/2019   0 Comments

The rupee tumbled by 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments.

Forex traders said, market participants were concerned as the drone attack on Saudi Arabia's oil facilities has stroked fiscal slippage concerns.

Crude oil prices witnessed a sharp spike after a weekend drone attack on Saudi Arabia cut into global energy supplies and halved the kingdom's oil production.

Saturday's explosions set off fires that engulfed the Abqaiq plant, the world's largest oil processing facility, and nearby Khurais, which hosts a massive oil field.

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