Rupee Falls Sharply as U.S. Announces Iran Oil Buyers Have to End Imports

Date: 22 April 2019 - 22:15

News ID: ۶۵۰۹۹

NEW DELHI (Indian Express) - The rupee fell sharply by 47 paise to 69.82 against the U.S. dollar in early trade Monday as a result of a rise in crude oil prices.
Oil prices shot up after United States announced on Monday that all buyers of Iranian oil will have to end their imports shortly, or be subject to U.S. sanctions.
Brent crude futures, the global oil benchmark, was trading higher by 2.53 per cent at $73.79 per barrel.
Removing the sanctions exemptions would reduce oil supply from a market that is already tight because of U.S. sanctions against Iran and fellow OPEC-member Venezuela.
The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington, however, granted Iran’s eight main buyers of oil, mostly in Asia, waivers to the sanctions which allowed them limited purchases for half-a-year.