Rupee Slumps Amid Soaring Oil Prices

The Indian rupee opened at ₹95.88 against the US dollar on Monday, down 7 paise from its previous close of ₹95.81.

The decline in the rupee was attributed to a rise in Brent crude prices, which traded above $105 a barrel amid renewed concerns over developments involving the United States and Iran.

Amit Pabari, Managing Director at CR Forex Advisors, noted that the ₹96.10-₹96.20 zone remains an important resistance area for the rupee, and a sustained break below ₹95.70 could open the way towards ₹95.20-₹95.00.

The rupee has been under pressure in recent sessions due to elevated crude prices, higher US Treasury yields, and global geopolitical uncertainty.