Rising Oil Prices Weigh on Rupee as Iran Deal Hopes Fading

The Indian rupee has depreciated in value against the US dollar due to risk-off sentiments in global markets.

On Monday, the rupee closed at 96.03 (provisional) against the American currency, a 28 paise fall from its previous close.

The decline was triggered by the US rejecting a deal proposal by Iran, which has raised concerns about the reopening of the Strait of Hormuz and subsequently led to a surge in crude oil prices.

Brent crude futures jumped over 3 percent toward $108 a barrel amid a lack of clarity related to U.S.-Iran peace negotiations.