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Forex

Rupee Tumbles to 94.97 vs Dollar Amid Strong USD and Oil Price Surge

Guavy AI Editorial Team
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USD
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The Indian rupee continued its downward trend on Wednesday, closing at 94.97 against the US dollar after depreciating by 2 paise.

The rupee's fall was attributed to a strong US dollar, rising Brent crude prices, and geopolitical tensions between the US and Iran.

Experts expect the rupee to trade with a slight negative bias in the coming days, with a target range of 94.70 to 95.25 for USD-INR spot price.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, stated that the rupee's movement will be influenced by renewed geopolitical tensions and any de-escalation of tensions may support the rupee at lower levels.

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