Forex
Rupee Depreciates Against Dollar Amid Crude Price Hikes
The Indian rupee has depreciated against the US dollar in early trade on Tuesday, September 15. The currency fell by 30 paise to 95.84 against the greenback.
The decline is attributed to elevated Brent crude oil prices and heightened tensions in West Asia. This has led to increased demand for the dollar from oil importers, raising concerns over India's external balance and inflation.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said that the surge in crude oil prices and West Asian tensions have pushed up safe-haven demand for the dollar and U.S. Treasury yields.