Rupee Slides to New Low as Dollar Strengthens Amid Ongoing Conflict

The Indian rupee has depreciated by 20 paise against the US dollar in early trade on Monday, reaching a value of 95.95 per dollar.

This decline comes amidst a strengthening greenback and continued foreign fund outflows due to the ongoing West Asia conflict.

Forex traders attribute the pressure on the rupee to elevated global crude oil prices, with Brent futures trading higher by 2.31% at $106.81 per barrel in futures trade.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, notes that the RBI is likely to maintain its support for the rupee within a range of 95.50 to 96.00.