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Forex

Rupee Slumps Amid US-Iran Tensions and Surging Oil Prices

Guavy AI Editorial Team
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USD
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The Indian rupee continued its downward trend on Monday, depreciating by 28 paise to close at 96.03 against the US dollar due to risk-off sentiments in global markets.

The decline was fueled by the US rejecting a deal proposal by Iran, which diminished hopes of reopening the Strait of Hormuz and led to a surge in crude oil prices.

Brent crude futures jumped over 3 percent to $108 a barrel amid the stalemate between the US and Iran, adding to inflation and interest-rate concerns for India.

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