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Rupee Falls 21 Paise as Crude Oil Prices Surge Amid Geopolitical Tensions

Guavy AI Editorial Team
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The Indian rupee depreciated by 21 paise to 94.95 against the US dollar in early trade on Wednesday, weighed down by surging crude oil prices and escalating geopolitical tensions.

Brent crude neared the USD 100 mark as the US and Iran attacked each other, fueling fears of a disruption to oil flows through the Strait of Hormuz.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted that 'Indian rupee opened lower on escalating geopolitical tensions and surge in crude oil prices.'

The local currency is expected to trade with a negative bias due to rising crude oil prices and escalating geopolitical tensions, according to Choudhary.

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