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Rising oil lifts USD/INR to around 96.46 at week start
USD/INR jumped as India faced higher import costs and foreign portfolio outflows, while crude futures gained after renewed US-Iran strikes and attacks near the Strait of Hormuz.
The Indian rupee opened weaker versus the US dollar, with USD/INR rising to near 96.46 in early trading, FXStreet reported. The move was attributed to a fresh surge in oil prices and sustained foreign fund outflows that weighed on sentiment toward India’s equity market.
FXStreet said the MCX Crude Oil contract expiring July 20 was up 2.6% to around Rs. 8,150, its highest level in more than a month. The outlet linked currency pressure to India’s reliance on oil imports and to renewed tensions after a ceasefire collapse that have disrupted energy supply.
The report pointed to developments in the Strait of Hormuz, including statements from Iran about attacks on oil tankers attempting to transit. It also cited US Central Command confirmation of a ninth straight night of strikes against Iran, framed as retaliation for the killing of at least three American service members, with Trump saying the latest strikes honored US service members killed in recent days.
FXStreet added that Foreign Institutional Investors turned net sellers over the past few trading days, after selling stakes worth Rs. 9,119.76 crore last week on all trading days. The US dollar index (DXY) was slightly lower near 100.70 at the time of writing as investors kept expectations that the Federal Reserve will hold rates steady at its meeting later this month.
Latest closeWTI crude $79.00 ▼0.8%|Dollar index 100.71 ▲0.2%