Rupee Plunges to 95.40 Amid Geopolitical Tensions and Rising Crude Prices

The Indian rupee opened lower against the US dollar on Thursday, falling to 95.40 due to geopolitical tensions and increased crude oil prices.

The currency slipped 7 paise in early trade amid ongoing concerns about the Strait of Hormuz being closed till 2029 by Iran, a move that would disrupt global oil supplies.

Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors LLP, noted that the rupee's opening was influenced by elevated crude prices and an unchanged dollar index at 100.01.

Bhansali added that the RBI has been supporting the rupee within a narrow range despite oil demand pulling it lower.