Forex
Rupee Falls 21 Paise as Crude Oil Prices Surge Near $100
The Indian rupee depreciated by 21 paise to 94.95 against the US dollar in early trade on Wednesday, September 9, due to surging crude oil prices. The Brent crude price neared $100 a barrel amid escalating tensions between the US and Iran.
At the interbank foreign exchange market, the rupee opened at 94.80 against the US dollar before touching 94.95. This represents a decline of 21 paise from its previous close.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, attributed the rupee's fall to escalating geopolitical tensions and rising crude oil prices. He also mentioned that a weak dollar may support the rupee at lower levels.