Indian rupee hits one-year low amid worries over oil prices

MUMBAI: The Indian rupee fell to 83.28 against the US dollar on Monday, marking its lowest level in one year against the greenback.

The rupee’s drop comes amid rising concerns about oil prices and as investors wait to see if the ongoing conflict in the Middle East draws in other countries.

Indian rupee slightly lower

The Reserve Bank of India has been intervening routinely to prevent the rupee from sliding to its lifetime low and likely sold US dollars earlier in the session.