Rupee Falls as Crude Oil Prices Surge Amid Geopolitical Tensions
The Indian rupee depreciated against the U.S. dollar, falling to 94.84, 94.95, and eventually 95.08, due to a surge in crude oil prices amid escalating geopolitical tensions between the U.S. and Iran. Brent crude approached and surpassed the $100 mark, putting pressure on the rupee. Forex traders attributed the rupee's decline to the rising oil prices, while a weak dollar offered some support. The rupee's depreciation also coincided with a fall in domestic stock markets and foreign institutional investor sell-offs.10 sourcesSee all sources