Rupee Falls to New Low as US Dollar Strengthens
The Indian rupee experienced a decline against the US dollar on Thursday, settling at 95.55 (provisional) after initially rising. The strengthening of the American currency in overseas markets offset the support provided by easing crude oil prices.
The rupee opened at 95.50 and touched an intraday high of 95.40 before reaching a low of 95.56. It ultimately closed lower than its previous day's close, down by 11 paise. This comes after the rupee had risen on Tuesday by 26 paise to settle at 95.44 against the dollar.
The Brent crude oil price fell below $90 for the first time in several sessions due to ongoing negotiations between Iran and Oman regarding a temporary shipping corridor through the Strait of Hormuz. Although no final agreement has been reached, the continued discussions have reduced fears of a prolonged disruption to global oil supplies.