Rupee Slumps Below 96 Amid Global Market Volatility
The Indian rupee continued its decline against the US dollar, falling to its lowest level in over two months. On Thursday, it closed at 96.31 (provisional) against the greenback, a loss of 37 paise from its previous close.
According to Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, the rupee is expected to trade with a negative bias due to risk aversion in global markets and worries over rising global treasury yields. He noted that uncertainty over the US-Iran deal may also put pressure on the rupee.
The dollar index was trading at 101.90, higher by 0.45%, while Brent crude oil prices were up 2.54% at $100.52 per barrel in futures trade. The Sensex dropped 570.59 points to settle at 71,909.70, and the Nifty tanked 198.50 points to 22,421.95.