This move comes on surge of crude oil prices.

Finance Minister Nirmala Sitharaman reportedly said that the global factors, such as a surge in crude oil prices and tight financial conditions, are responsible for the decline in the exchange rate of the Indian rupee.

The rupee has hit 80 per dollar for the first time on reports tha foreign investors pull out money.

This move comes on surge of crude oil prices.

Crude oil surged over 5% after reports said that Saudi Arabia declined to commit to output increases following a visit by US president Joe Biden.

Finance Minister Nirmala Sitharaman reportedly said that the global factors, such as a surge in crude oil prices and tight financial conditions, are responsible for the decline in the exchange rate of the Indian rupee.