Indian Rupee Falls to 91.29 Against Dollar Amid Rising Oil Prices and Middle East Tensions
The rupee weakened amid rising Brent crude prices up 3.91% and a stronger dollar, with foreign institutional investors offloading Rs 7,536 crore in equities, analysts said.
- In early trade on Monday, the Indian rupee depreciated 21 paise to 91.29 at the interbank foreign exchange in Mumbai amid heightened global volatility.
- After US and Israeli strikes on Iran, analysts said crude prices soared following attacks across Iran on Sunday and intensified after the killing of Iran's Supreme Leader.
- Brent crude's jump coincided with a 3.91 per cent surge to 76.78 per barrel, the dollar index rising 0.22 per cent to 97.78, and the Sensex and Nifty falling sharply.
- On Friday, foreign institutional investors offloaded equities worth Rs 76.78 crore, while RBI reserves dropped by USD 2.119 billion to USD 723.608 billion, raising vulnerability concerns.
- On Friday, the rupee had already weakened, falling 17 paise to 91.08, while government data projects GDP growth at 7.6 per cent for the current fiscal.
21 Articles
21 Articles
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Indian rupee, bonds face jolt from Middle East conflict-driven oil spike
The Indian rupee and government bonds will kick off the last month of the financial year under pressure as the breakout of conflict in the Middle East sparked a sharp jump in oil prices and soured risk appetite in global markets.
Rupee hits one-month low as Iran-US escalation drives oil to $80 a barrel
The Indian currency fell past 91.40 per dollar amid a surge in crude oil prices and FII outflows. Analysts have warned that a sustained oil spike could widen the current account deficit and pressure inflation outlook.
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