Rupee Weakens Amid High Crude Prices and Elevated US Yields

The Indian rupee opened marginally weaker on August 19, tracking pressure from elevated crude oil prices and higher US Treasury yields. The currency opened at 95.71 per US dollar, down from Tuesday's close of 95.68, marking a decline of 3 paise.

The rupee remains under pressure as a deteriorating global risk backdrop and rising oil prices reinforce its near-term negative bias. Brent crude is nearing $92 a barrel, while higher US Treasury yields are weighing on investor risk appetite.

Oil prices rose for a fourth straight session amid continued uncertainty over the Strait of Hormuz, a key route for global oil shipments. US President Donald Trump said no talks were taking place with Iran and maintained that the strait was open, while Iran said it remained closed to shipping.