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Commodities

Rupee Falls Against Dollar Amid Firm Crude Oil Prices

Guavy AI Editorial Team
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Oil
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The Indian rupee declined by 13 paise to settle at 95.30 against the US dollar on Monday due to firm crude oil prices and a lack of breakthrough in talks in West Asia.

Firm global crude oil prices, which rose above $84 per barrel, put pressure on the local currency, while foreign institutional investors' (FII) inflows provided some support.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, said that the rupee's slight weakness was due to the rise in Brent crude and its expected impact on trade deficit. However, FPI inflows have turned positive in July and are increasing in August, providing support to the rupee.

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