Rupee Slides Amid Rising Crude Oil Prices and West Asia Tensions

The Indian rupee declined by 11 paise to close at 95.28 against the US dollar on Monday, due in part to firm crude oil prices and a lack of breakthroughs in talks in West Asia.

Firm greenback and rising global crude oil prices weighed on the local currency, with Brent crude trading higher by 0.96% at USD 84.35 per barrel.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, attributed the rupee's slight weakness to the rise in Brent crude above USD 84 and the consequent expected impact on trade deficit.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that traders may remain cautious ahead of the US inflation data this week, with a possible range for the USDINR spot price being Rs 95-95.60.