Rupee Falls for Third Session as Oil Prices Reach 100
The rupee fell to 93.7950 on Wednesday as oil hit 100 dollars amid Middle East tensions. The central bank likely intervened to limit further currency losses.
The Indian rupee weakened for a third consecutive session on Wednesday as persistent geopolitical tensions between Iran and the United States dampened market sentiment. Although the U.S. indefinitely extended a ceasefire, reports of gunfire attacks on container ships in the Strait of Hormuz have kept investors cautious about the stability of the region.
These security concerns pushed the price of Brent Crude Oil above the $100 per barrel threshold, creating a ripple effect across Asian financial markets. In India, the benchmark UTI NIFTY 50 ETF index fell by 0.9%. The rupee ended the day at 93.7950 against the dollar, a 0.3% decline from its previous close, leaving the currency near its lowest point in three weeks.
