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Commodities

Rupee Hits 7-Month Low as Oil Prices Soar Amid Mideast Tensions

Guavy AI Editorial Team
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Oil
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The Indian rupee has slumped to its lowest level in recent times, depreciating by 38 paise to close at 95.92 against the US dollar on Tuesday.

This significant drop is attributed to escalating Middle East tensions and soaring Brent crude oil prices, which have reached USD 108 per barrel.

Increased demand for dollars from oil importers has sparked concerns over inflation and India's external trade balance, further weakening investor sentiment.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, expects the rupee to trade with a negative bias due to risk-off sentiments in global markets and worries over rising global treasury yields.

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