Business News

INR under pressure as oil prices continue to rise amid escalating geopolitical tensions

FinSiddhi

The Indian rupee fell 18 paise to close at 94.74 (provisional) against the American currency on Tuesday as geopolitical tensions in West Asia and rising Brent crude prices nearing USD 99 per barrel weighed on investor sentiment. Rupee declined on a surge in crude oil prices amid fresh attacks on Aramco’s facilities by Yemen’s Houthis. Moreover, rising geopolitical tensions in West Asia and a weak trend in domestic equities further pressured the rupee. Indian shares fell notably on Tuesday as rising oil prices amid escalating Middle East tensions raised concerns over a possible interest-rate hike by the U.S. Federal Reserve. The Sensex dropped 555.23 points (-0.73%) to 75,577.58 and the Nifty 50 fell 144.05 points (-0.61%) to settle at 23,635.10.

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