Rupee Falls Amid Global Oil Price Surge

The Indian rupee declined by 13 paise to settle at 95.43 against the US dollar on Tuesday, following a sharp rise in global crude oil prices amid geopolitical uncertainties.

Foreign capital inflows provided some support to the local unit, according to forex traders.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said that the rupee declined on a surge in crude oil prices and rising US Treasury yields. Uncertainty over the deal between the US and Iran also weighed on the rupee.

Fitch Ratings affirmed India's sovereign rating at 'BBB-' with a stable outlook, citing the domestic economy's strength despite headwinds from the energy shock arising from the West Asia crisis.