Rupee closes just 2 paise shy of 80 against US dollar as oil prices rise

Crude oil prices jumped on Monday as US President Joe Biden's talks with West Asian countries failed to culminate in an agreement to increase output

The rupee on Monday settled just shy of the 80 per US dollar mark, closing at 79.98 against 79.88 per dollar on Friday, as crude oil prices rose sharply, worsening the outlook on India’s current account deficit, dealers said. 

In the past six days of trade, the rupee has settled at a new low versus the dollar in five days. So far in 2022, the rupee has weakened 7.1 per cent versus the greenback. A Business Standard poll comprising 10 market experts pegs the rupee at 80.20 per dollar at the end of July and at 80.50 per dollar