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Commodities

Rupee Tumbles to 95.68 Against US Dollar Amid Rising Oil Prices

Guavy AI Editorial Team
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Oil
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The Indian rupee has depreciated by 7 paise to 95.68 against the US dollar in early trade on Tuesday, weighed down by elevated crude oil prices and persistent demand for the greenback.

Forex traders pointed out that Brent crude near USD 91 per barrel increased oil-related dollar demand and raised concerns over future dollar inflows due to the Reserve Bank's earlier-than-expected closure of the concessional FCN (B) forex-swap facility.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said that the rupee looks vulnerable to rising oil prices, which have remained close to USD 90 and now risen above USD 91 per barrel.

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