Rupee Trades Flat Amid US-Iran Tensions, Elevated Oil Prices

The Indian rupee closed at 95.74 against the US dollar on Monday, August 24, after initially showing gains.

According to forex traders, the rupee traded in a narrow range due to rising Brent crude prices and persistent importer demand.

Anuj Choudhary, research analyst at Mirae Asset ShareKhan, said they expect the rupee to trade with a slight negative bias on uncertainty between the US and Iran, as well as elevated crude oil prices weighing on the currency.

However, overall weakness in the US dollar due to declining odds of a rate hike may support the rupee at lower levels.