Rupee Falls to New Low Against Dollar Amid Rising Oil Prices

The Indian Rupee dropped to a new low against the US dollar on Wednesday, influenced by a stronger American currency and rising crude oil prices.

According to provisional data, the rupee closed at 95.74 against the US dollar, down 12 paise from its previous close of 95.62.

The dollar index rose 0.27% to 100.87, while Brent crude oil prices also increased by 0.26% to $99.51 per barrel.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, expects the rupee to trade with a positive bias due to hopes of a diplomatic solution between the US and Iran, but notes that a strong dollar and any fresh tensions may cap sharp upside.