Rupee Falls Against Dollar Amid Crude Oil Surge and Geopolitical Tensions

The Indian Rupee depreciated against the US dollar due to rising crude oil prices and geopolitical tensions. On Thursday, September 24th, the rupee fell by 11 paise to 95.84 against the greenback in early trade.

The sharp surge in crude oil prices, which have remained elevated above $100 per barrel, was a key factor contributing to the rupee's weakness. Brent crude futures traded at USD 102.08 per barrel, up from roughly USD 72 per barrel in late February.

The dollar index also strengthened, trading at 100.87, up 0.06 percent. The US-Iran tensions and lack of diplomatic progress in West Asia pushed oil prices higher. President Donald Trump's threat to 'annihilate' the Islamic Republic if a deal couldn't be made added to the uncertainty.