Forex
Home›Forex›Major Pairs›Rupee hits fresh two-month low as USD/INR nears 96.13
Rupee hits fresh two-month low as USD/INR nears 96.13
USD/INR rose toward 96.13 as investors weighed renewed worries about energy supply after a U.S.-Iran sanctions dispute.
The Indian rupee slid to a fresh two-month low against the U.S. dollar, with the USD/INR pair moving to near 96.13, according to FXStreet. The move reflects underperformance in the rupee as traders priced in fears of persistent energy supply disruption.
FXStreet said the dollar strength came alongside higher oil prices, which rose after U.S. President Donald Trump pushed back expectations for near-term diplomacy with Iran. The report cited that the MCX Crude Oil contract expiring on October 19 was up 1.55% to near Rs. 9,050.
The outlet noted that currency pairs in oil-importing economies like India can weaken when oil prices rise. It added that earlier optimism had been sparked by a report, attributed to Axios, that Washington agreed to roll back sanctions on Iran and release frozen Iranian funds in exchange for nuclear program steps, but Trump denied the account as a hoax on Truth.Social.
FXStreet also referenced statements from Iran's foreign minister, Abbas Araghchi, confirming proposals for reopening the Strait of Hormuz and pursuing a complete peace, as the situation continued to drive market expectations.
Latest closeWTI crude $93.42 ▲1.1%