Rupee Weakens as Oil Prices Rise and US-Iran Tensions Bite

The Indian rupee weakened on Monday, closing at 95.74 against the US dollar after initially gaining value.

Forex traders attributed this decline to a combination of factors, including rising Brent crude prices, persistent importer demand, and cautious sentiment over new US sanctions targeting Iran.

Anuj Choudhary from Mirae Asset ShareKhan predicted that the rupee would trade with a slight negative bias due to uncertainty between the US and Iran, as well as elevated crude oil prices.

The dollar index rose by 0.18% to 98.98, while Brent crude futures fell by 1.62% to USD 92.86 per barrel.