Rupee Falls 7 Paise to Close at 94.50 Against USD Amid Crude Oil Price Surge
The Indian rupee fell by 7 paise to close at 94.50 against the US dollar on Monday, as rising crude oil prices and global headwinds offset support from strong FCNR dollar inflows.
Forex traders said the rupee saw modest gains in initial trade due to foreign inflows, but a negative trend in domestic equities and increasing crude oil prices weighed on investor sentiment.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that the rupee is likely to trade with a positive bias due to optimism over foreign inflows and a weak dollar. However, tensions between the US and Iran may continue to pressure the rupee at higher levels.
The dollar index was trading lower by 0.27% at 98.90, while Brent crude prices rose by 0.58% to $96.84 per barrel in futures trade.