Rupee Tumbles 18 Paise Amid Rising Oil Prices and Geopolitical Uncertainties

The Indian rupee declined by 18 paise to close at 94.74 against the US dollar on Tuesday, weighed down by geopolitical tensions in West Asia and rising Brent crude prices nearing USD 99 per barrel.

Forex traders attributed the decline to a surge in crude oil prices amid fresh attacks on Aramco's facilities by Yemen's Houthis and rising geopolitical tensions in the region.

The rupee opened at 94.49 against the US dollar, touched an intraday high of 94.49 and a low of 94.89, before finally settling at 94.74.

Dilip Parmar, Senior Research Analyst at HDFC Securities, said that the rupee fell sharply amid persistent risk-off sentiment and higher oil prices, with aggressive dollar buying outstripping liquidity.