Indian Rupee Weakens Past 91 Per Dollar as Oil Prices Rise
The rupee is set to drop past 91 per dollar following strikes on Iran that lifted oil prices. Markets remain cautious as the Strait of Hormuz faces closure.
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The USD/INR exchange rate is projected to weaken past the 91 level as markets react to escalating military tensions in the Middle East. Following joint air strikes by the United States and Israel against Iran over the weekend, investor risk appetite has diminished significantly. The conflict, which resulted in the death of Iran's Supreme Leader Ayatollah Ali Khamenei, has triggered a surge in energy prices and a shift toward defensive assets.
