Rupee falls sharply Against US Dollar Amid Oil Prices Surge

New Delhi: The Indian rupee today fell sharply against the US dollar as oil prices jumped up  after drone attacks on Saudi Arabia’s oil infrastructure. The rupee fell to as much as 71.42 a dollar as compared to its previous close of 70.92.

Oil prices today surged to four-month highs after weekend attacks on crude facilities at key producer Saudi Arabia sparked supply fears.

Opening at 71.57, the rupee traded in the range of 71.42 to 71.67 against the US dollar so far in the day. At 10:03 am, the rupee traded at 71.45 a dollar.

Oil prices today surged as much as 20%, its biggest intra-day percentage gain since the start of the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut in the equivalent of 5% of global supply.