Rupee Depreciates 28 Paise Amid US-Iran Tensions

The Indian rupee depreciated by 28 paise to close at ₹96.03 (provisional) against the US dollar on Monday, due to risk-off sentiments in global markets after the US rejected a deal proposal by Iran.

Forex traders said that global risk sentiments deteriorated as the stalemate between the US and Iran continued, with falling risk assets and a surge in crude oil prices putting pressure on the rupee.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, stated that the rupee is expected to trade with a negative bias due to the continued global risk sentiments. He added that traders may take cues from speeches by various FOMC members.

The dollar index traded at 101.12, up 0.16%, while Brent crude futures breached $108 per barrel mark, trading higher by 3.57% in futures trade.