Rupee Plunges Amid Crude Oil Price Surge

The Indian rupee has been experiencing a decline against the US dollar since Friday (September 11), extending its recent downward trend due to the sharp increase in crude oil prices.

The rupee opened at 95.69 per US dollar, which is a depreciation of 25 paise or about 0.26% from Thursday's close of 95.44.

This decline comes after Brent crude rose more than 6% on Thursday (September 10) and extended gains in Asian trading, moving close to $110 a barrel amid heightened tensions and disruptions along key shipping routes in the Middle East.

The recent oil rally has put pressure on India's external balances, inflation, and growth, as Brent crude has gained nearly 12% this week, adding to an 8% rise in the previous week.