Inr Settles Near Record Low Level Amid Inflationary Concerns

The rupee on Wednesday slipped to an all-time low of 95.80 against the US dollar, and settled at 95.67 near its record closing low level amid elevated crude prices and West Asia geopolitical concerns. The rupee has become the worst-performing currency in Asia for the year, registering a loss of over 6 per cent so far this year, as elevated crude oil prices, a strong dollar and concerns regarding the West Asia crisis weighed on investor sentiments. Govt action of hiking import duties on gold and silver to 15 per cent failed to give much respite to the local unit. Moreover, India's consumer price inflation in April rose for the sixth straight month to 3.48% from 3.40% in March. Food inflation, a key constituent of the country's consumer price index, hit 4.2%, up from 3.87% in March, India's Ministry of Statistics and Program Implementation said in a release.

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