Home›Forex›Major Pairs›Rupee opens weaker on crude surge and Middle East tens…

Rupee opens weaker on crude surge and Middle East tensions

The rupee is down 1.7% so far this month and is edging toward its May record low of 96.96 per dollar as Brent crude tops $90.

Reported · Written up by our desk · Major Pairs

The Indian rupee opened 12 paise weaker at 96.40 per US dollar on Monday, July 20, with a fresh rise in crude oil prices and worsening geopolitical tensions weighing on sentiment, according to LiveMint Markets.

So far this month, the rupee has declined 1.7%, and it is inching closer to its record low of 96.96 per dollar set in May.

The latest pressure followed Brent crude climbing above $90 a barrel, driven by an intensification of the US-Iran conflict, with Brent crude futures up 2.7% on Monday.

Geopolitical risks have also intensified after the United States launched a ninth consecutive night of strikes on Iran, while Kuwait and Bahrain reported fresh Iranian attacks, and shipping disruptions through the Strait of Hormuz have raised concerns about further supply disruptions.

Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%

More like this

Sources