Rupee Tumbles 19 Paise Amid Weak Equity Markets and Crude Oil Surge

The Indian Rupee depreciated by 19 paise to close at 95.61 against the US Dollar on Monday, driven by weak domestic equity markets and a surge in crude oil prices.

Forex traders noted that the USD/INR pair is likely to trade with a slight negative bias due to ongoing concerns over the delay in the deal between the US and Iran, rising crude oil prices, and broader dollar support.

The Reserve Bank of India's decision to limit its swap facility for FCNR (B) deposits to only those mobilized by August 31 has also contributed to investors' caution.