Rupee Falls 7 Paise Amid Crude Oil Price Surge

The Indian rupee saw a modest decline on Monday, closing at ₹94.50 against the US dollar. This marks a decrease of 7 paise from its previous close.

The rupee opened at ₹94.40 and touched an intraday high of ₹94.38 before settling at ₹94.50. Despite initial gains due to foreign inflows and a soft dollar, the local unit was weighed down by a negative trend in domestic equities and rising crude oil prices.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that the rupee is likely to trade with a positive bias on optimism over foreign inflows and a weak dollar. However, he cautioned that tensions between the US and Iran may continue to put pressure on the rupee.