Rupee Depreciates as Domestic Markets Waver and Oil Prices Surge

The Indian rupee depreciated by 19 paise to close at ₹95.61 (provisional) against the US dollar on Monday, as weak domestic equity markets and a surge in crude oil prices took their toll.

According to forex traders, the USD/INR pair is likely to trade with a slight negative bias due to several factors, including the delay in the deal between the US and Iran, rising crude oil prices, and broader dollar support.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said that the rupee's decline was also influenced by weak domestic markets and a surge in crude oil prices, although a soft dollar cushioned the downside.