Rupee Falls 21 Paise Amid US-Iran Tensions and Surging Oil Prices

The Indian rupee depreciated against the US dollar in early trade on Wednesday, weighed down by surging crude oil prices.

According to data from the interbank foreign exchange market, the rupee opened at 94.80 against the US dollar and touched 94.95, registering a fall of 21 paise from its previous close.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said that the local currency is expected to trade with a negative bias due to rising crude oil prices and escalating geopolitical tensions.

The dollar index was trading at 98.76, lower by 0.03 per cent, while Brent crude, the global oil benchmark, was trading higher by 1.41 per cent at USD 99.30 per barrel in futures trade.