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Commodities

Rupee Sinks to 96.03 as Global Tensions and Oil Prices Soar

Guavy AI Editorial Team
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The Indian rupee depreciated by 28 paise to close at 96.03 against the US dollar on Monday, due to rising global tensions and crude oil prices.

The strengthening of the US dollar and rising crude oil prices have put pressure on the rupee, with Brent crude futures surging to USD 108.04 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,693.93 crore on a net basis on Friday, contributing to the decline in the rupee's value.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said that the Indian rupee is expected to trade with a negative bias as global risk sentiments deteriorated due to the stalemate between the US and Iran.

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