The Indian rupee depreciated 19 paise to close at 95.61 (provisional) against the US dollar on Monday, amid weak domestic equity markets and a surge in crude oil prices. The USD/INR pair is likely to trade with a slight negative bias, pressured by the delay in the deal between the US and Iran, rising crude oil prices and broader dollar support. Moreover, investors’ sentiment turned cautious after the Reserve Bank of India on August 14 said that its swap facility for FCNR (B) deposits will be available only for deposits mobilised till August 31. Indian shares ended Monday’s session lower as investors digested weak economic data from the U.S., Japan and China, and kept a close eye on geopolitical developments in the Middle East, adding pressure on rupee.
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