Rupee vs dollar: Indian currency opens 70 paise lower against dollar after global oil prices rise on attack on Saudi facility

The Indian rupee opened lower in early trade after a drone attack on Saudi Arabia's oil facilities pushed global crude prices sharply higher today. Rupee slipped 70 paise to 71.62 per dollar compared to Friday's close of 70.92. On Friday, the Indian currency closed higher for the seventh straight session rising 22 paise to close at 70.92 per US dollar , as softening crude oil prices and easing US-China trade tensions bolstered investor sentiment. Rupee has risen 2.40% since the beginning of this year.

Yemen's Iran-backed Houthi rebels conducted drone attacks on two Saudi Aramco factories in Abqaiq and Khurais provinces on Saturday.

After the attack, the Saudi oil major halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia's global daily exports and more than 5% of the world's daily crude oil production. Most output goes to Asia.

The fall in production led to a surge in global oil prices. US crude oil jumped $5.61 per barrel, or 10.2%, to $60.46 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged $7.84 per barrel, or 13%, to $68.06 per barrel.

Meanwhile, Sensex and Nifty were trading lower today. While Sensex fell 202 points to 37,182, Nifty lost 64 poinst to 11,011.

Edited by Aseem Thapliyal