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Commodities

Rupee Drops 7 Paise to 95.68 Amid Rising Oil Prices

Guavy AI Editorial Team
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Oil
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The Indian rupee depreciated by 7 paise to 95.68 against the US dollar in early trade on Tuesday, weighed down by elevated crude oil prices and persistent demand for the greenback.

Forex traders said Brent crude near USD 91 per barrel increased oil-related dollar demand, while the Reserve Bank's earlier-than-expected closure of the concessional FCN (B) forex-swap facility raised concerns over future dollar inflows.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said the rupee looks vulnerable to rising oil prices, which have remained close to USD 90 and now risen above USD 91 per barrel.

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