USD/INR hits new high above 73

• The Indian rupee crossed the 73.00 mark against the US dollar for the first time.
• The INR may slide further if oil prices continue to rally.

The USD/INR clocked a new high of 73.34 on Wednesday, having witnessed a falling channel breakout earlier this week.

At press time, the USD/INR pair is trading at 73.30.

The Indian rupee has lost 14 percent this year and may slide further if the oil price continues to rise, complicating matters for the energy importing economy with a high current account deficit.