Rupee Sinks as Crude Oil Prices Soar Past $106

The Indian rupee fell by 20 paise against the US dollar on Monday, hitting 95.95 in early trade.

This decline was attributed to a strengthening greenback, continued foreign fund outflows, and elevated crude oil prices, all of which added pressure on the domestic currency amid the ongoing Middle East conflict.

Brent crude futures rose by 2.31% to $106.81 per barrel in futures trade, further exacerbating the situation.

According to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, the rupee is expected to open around 95.80 and remain within a range of 95.50 to 96.00 as the RBI continues to hold the 96.00 mark.