Rupee Slumps as Brent Crude Surpasses $105 a Barrel

The Indian rupee opened at ₹95.88 against the US dollar on Monday, down 7 paise from its previous close of ₹95.81.

This decline is attributed to a rise in Brent crude prices, which are trading above $105 a barrel.

Higher crude prices can weigh heavily on the rupee as India imports a significant portion of its crude oil requirements.

Amit Pabari, Managing Director at CR Forex Advisors, noted that the ₹96.10-₹96.20 zone remains an important resistance area for the rupee.

Pabari also cautioned that a sustained break below ₹95.70 could open the way towards ₹95.20-₹95.00.