Rupee Slips Below 95 Against Dollar Amid Rising Oil Prices

The Indian rupee depreciated by 6 paise to 95.28 against the US dollar in early trade on Friday, according to the interbank foreign exchange market.

This decline follows Thursday's fall of 14 paise to close at 95.22 against the US dollar.

Forex traders pointed out that dollar demand from importers and profit-taking after the rupee's recent appreciation outweighed the favourable global backdrop.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said 'The rise in US Treasury yields and renewed geopolitical concerns around the Strait of Hormuz are providing some support to the dollar.'