Rupee Plunges as Brent Crude Surges Past USD 89

The Indian rupee fell to its lowest level in early trade on Wednesday, declining by 6 paise to 95.42 against the US dollar.

This dip was largely attributed to the sharp rise in Brent crude prices, which reached USD 89.80 per barrel in futures trade.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that the uncertainty over the Strait of Hormuz is driving up Brent crude prices.

Bhansali also highlighted that markets are increasingly skeptical about a quick US-Iran agreement, which has led to renewed concerns about physical supply.