Rupee Plummets as Global Markets Sour Over US-Iran Stalemate

The Indian rupee depreciated by 28 paise on Monday to close at 96.03 against the US dollar, weighed down by risk-off sentiments in global markets.

This comes after the US rejected a deal proposal by Iran, diminishing hopes of reopening the Strait of Hormuz and sending crude oil prices soaring to USD 108 per barrel.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said that the rupee is expected to trade with a negative bias due to the continued stalemate between the US and Iran.

'Falling risk assets and surge in crude oil prices may continue to pressurise the rupee. However, any intervention by the RBI may support the rupee at lower levels,' Choudhary said.