The rupee depreciated 21 paise to 94.95 against US dollar on Wednesday weighed down by surging crude oil prices, which inched closer to the USD 100-a-barrel mark amid the simmering US-Iran tensions.
A weak dollar, however, cushioned the fall, forex traders said.
At the interbank foreign exchange market, the rupee opened at 94.80 against the US dollar, then touched 94.95, registering a fall of 21 paise from its previous close.
On Tuesday, the rupee fell 18 paise to close at 94.74 against the American currency.
“Indian rupee opened lower on escalating geopolitical tensions and surge in crude oil prices. Brent has neared the USD 100 mark as US and Iran attack each other,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.
The local currency is expected to trade with a negative bias on rising crude oil prices and escalating geopolitical tensions, he said.
“Weak global markets may further pressurise the rupee. However, a weak dollar may support the rupee at lower levels. ..
Read more at the source
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and credits belong to the original authors and publishers.