Rupee Hits Fresh Low on Weak Markets, Crude Oil Prices

The Indian rupee depreciated by 19 paise to close at 95.61 against the U.S. dollar on Monday, August 17, due to weak domestic equity markets and rising crude oil prices.

Forex traders expect the USD/INR pair to trade with a slight negative bias, pressured by the delay in the deal between the U.S. and Iran, increasing crude oil prices, and broader dollar support.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that the rupee's decline was cushioned by a soft dollar, adding that 'we expect the rupee to trade with a slight negative bias on the delay in the deal between the U.S. and Iran and rising crude oil prices.'