Indian Rupee Weakens as Brent Crude Surges Above $104
The Indian rupee is expected to open near 94.80 per dollar following a 3% jump in Brent crude prices. Prime Minister Narendra Modi has urged citizens to conserve fuel to save foreign exchange as geopolitical tensions between the U.S. and Iran continue to disrupt energy markets.
The Indian rupee is poised to weaken, expected to open between 94.75 and 94.80, down from its 94.48 settlement. Brent Crude Oil surged 3% to $104.50 after stalled peace talks. The move exposes the rupee's dependence on energy costs amid geopolitical friction between the United States and Iran.
United States President Donald Trump on Sunday called an Iran peace proposal unacceptable. Iranian media reported Tehran's plan demanded an end to the war, lifting of sanctions, and recognition of its control over the Strait of Hormuz. Oil prices have swung between $86 and $126 over the past month on each negotiation update.
