Rupee Tumbles Amid Global Uncertainty

The Indian Rupee fell to 96.03 against the US Dollar on Monday due to global risk-off sentiments driven by US-Iran tensions and rising crude oil prices.

Brent crude oil futures surged to USD 108.04 per barrel, while the dollar index traded at 101.12, up 0.16%.

The rupee depreciated by 28 paise from its previous close of 95.75 against the US Dollar, with foreign institutional investors offloading equities worth Rs 3,693.93 crore on a net basis.

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