Rupee Falls Against Dollar Amid Strong USD, Rising Oil Prices

The Indian Rupee (INR) has depreciated by 2 paise against the US Dollar, closing at 94.97 on Wednesday.

This fall is attributed to a strong US dollar, rising Brent crude prices, and geopolitical tensions stemming from the US-Iran conflict.

Additionally, expectations of a potential Federal Reserve interest rate hike and higher US Treasury yields have further pressured the Rupee.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, predicts that the Rupee will trade with a slight negative bias due to renewed geopolitical tensions, but may be supported if tensions de-escalate.