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Rupee slides to two-month low as oil worries resurface

USD/INR is near 96.13, and the rupee weakens as higher oil prices raise concerns for India, an oil-import-heavy economy.

Reported · Written up by our desk · Major Pairs

India's rupee fell to a fresh two-month low against the US dollar on Tuesday, with the USD/INR pair jumping to near 96.13, according to FXStreet.

FXStreet said the rupee underperformed as fears of persistent energy supply disruption drove oil higher, a dynamic that can weigh on currencies from economies reliant on oil imports.

The outlet noted that oil prices gained after US President Donald Trump pushed back hopes of near-term diplomacy with Iran, citing reports of a US plan to roll back sanctions and release frozen Iranian funds, which Trump denied as a “Hoax” on Truth.Social.

FXStreet also reported that Iran's foreign minister confirmed proposals related to reopening the Strait of Hormuz, as market focus remained on the potential impact of the US-Iran stance on energy supplies.

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