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Rupee Cracks 83.80 as Brent Rally Squeezes the Import Bill MALE / MUMBAI BUREAU — The Indian rupee printed a new all-time low against the dollar in Tuesday's early Mumbai session, slipping past 83.80 as Brent crude held above $90 and the dollar index refused to give ground.
For an Indian Ocean region that prices most of its energy, freight and electronics in greenbacks, the move is not a Delhi-only story. The pressure has the same two engines it has had for months.
India imports more than 85 percent of its crude, so every dollar Brent ticks higher widens the trade gap and adds another bid for dollars at the RBI's reference window.
On the other side, the DXY is camping near multi-month highs after another round of hawkish Federal Reserve commentary.
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