Forex
Rupee Falls as Crude Oil Prices Rise, Tensions Between US and Iran Persist
The Indian rupee fell by 7 paise to close at ₹94.50 against the US dollar on Monday, despite initial gains due to foreign inflows.
However, a negative trend in domestic equities and rising crude oil prices weighed on investor sentiment.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said that the rupee is likely to trade with a positive bias on optimism over foreign inflows and a weak dollar.
Choudhary also mentioned that Iran's deal with Oman regarding the Strait of Hormuz may ease crude oil prices, supporting the rupee. However, tensions between the US and Iran may continue to put pressure on the rupee at higher levels.