Rupee Depreciates Amid Crude Oil Price Surge and Middle East Tensions

The Indian rupee depreciated by 30 paise to 95.84 against the US dollar in early trade on Tuesday, amid concerns over India's external balance and inflation.

The surge in Brent crude oil prices to $106.94 per barrel and heightened tensions in the Middle East have increased safe-haven demand for the dollar, according to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.

This has pushed US Treasury yields higher, further exacerbating the rupee's decline.