Commodities
Rupee Depreciates 38 Paise as Middle East Tensions Rise
The Indian rupee depreciated by 38 paise to close at 95.92 against the US dollar on Tuesday, weighed down by escalating tensions in the Middle East and surging Brent crude oil prices.
Brent crude oil reached a high of $108 per barrel, sparking concerns over inflation and India's external trade balance due to increased dollar demand from oil importers.
Forex traders expect the rupee to trade with a negative bias on risk-off sentiments in global markets, worries over rising global treasury yields, and a strong US dollar.