Rupee Slumps as Brent Crude Surges Past $106 Amid Middle East Tensions

The Indian rupee depreciated against the US dollar on Tuesday due to elevated crude oil prices and heightened Middle East tensions. Brent crude touched USD 106 per barrel, increasing demand for dollars from oil importers and raising concerns over India's external balance and inflation.

At the interbank foreign exchange market, the rupee opened at 95.84 against the US dollar, registering a loss of 30 paise from its previous close. Forex traders pointed to the increased dollar demand as a key factor in the rupee's depreciation.