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Commodities

Rupee Plunges Amid Rising Oil Prices and Global Tensions

Guavy AI Editorial Team
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Oil
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The Indian rupee depreciated sharply on Monday, closing at 96.03 against the US dollar due to rising global risk sentiments and a surge in crude oil prices.

The US rejected a deal proposal by Iran, which has led to increased tensions between the two countries and dimmed hopes of reopening the Strait of Hormuz, a key oil shipping route.

Rising crude oil prices have added to inflation and interest-rate concerns, causing Indian shares to slump on Monday. Brent crude futures jumped over 3 percent to $108 a barrel amid the uncertainty surrounding U.S.-Iran peace negotiations.

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