Noida, July 13 (APAC Media): The Indian rupee declined 39 paise to ₹95.77 against the US dollar in early trading on Monday, weighed down by a stronger American currency and rising crude oil prices amid global uncertainties.
The rupee opened at ₹95.72 against the dollar in the interbank foreign exchange market and later touched ₹95.77, compared with its previous closing level of ₹95.38.
Market participants attributed the decline to elevated crude oil prices following geopolitical tensions, which raised concerns over supply disruptions. Higher oil prices tend to put pressure on India’s import bill and weigh on the domestic currency.
The dollar index, which tracks the greenback’s movement against a basket of major currencies, remained firm, adding pressure on emerging market currencies, including the rupee.
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Investors also remained cautious ahead of key global economic developments, with market sentiment affected by uncertainty in international markets.
Analysts said the rupee’s movement in the near term will depend on crude oil price trends, dollar strength, and developments on the geopolitical front.
India’s foreign exchange reserves and possible intervention by the Reserve Bank of India are expected to provide support to the currency during periods of heightened volatility.
–ENDS–
Disclaimer: This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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