Rupee Depreciates as Tensions with Iran Persist

The Indian rupee depreciated to 95.40 against the U.S. dollar in early trade on Thursday, August 13, due to elevated crude oil prices and lingering geopolitical risks.

Forex traders pointed out that investor sentiment remains fragile as the standoff between the U.S. and Iran continues, with Iran warning of keeping the Strait of Hormuz closed until 2029 and the U.S. President saying that the Hormuz is under American command.

The rupee opened at 95.40, registering a fall of 7 paise from its previous close on Wednesday when it had closed at 95.33 against the dollar.