Bhubaneswar, March 20: As the Indian rupee (INR) has reportedly been dropping low against the US dollar (USD) since very long, the escalating conflict in the Middle East has further taken a toll on the already weakening Indian currency.
Adding fuel to the fire, the Indian currency further fell yet again to 93.12 today (March 20) in comparison to its previous weakening of 92.63 on March 18, while on Thursday it had depreciated to 92.94, media reports said.
The depreciation of INR has been reported to be nearly 2% since the tensions erupted in the Middle East.
Experts attribute such a development to the constant pressure on INR owing to the soaring crude oil prices along with the global market risk factors.
As Iran has already issued a stern warning of further escalating its retaliatory strikes at a severe scale if its sworn enemies USA and Israel launch attacks on the Iranian energy facilities, the fate of Indian rupee’s further depreciation seems to be a foregone conclusion by the global market experts and economists.
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