USD/INR rises 0.5% to near 95.00 as WTI crude jumps over 5% to $96.40 on stalled US-Iran talks.
The Indian Rupee (INR) weakened against the US Dollar (USD) Monday, with the USD/INR pair climbing 0.5% to near 95.00. The move follows a sharp rise in oil prices after US President Trump dismissed Iran’s response to a peace proposal as unacceptable, lifting WTI crude over 5% to $96.40.
India, a major oil importer, sees its currency under pressure when crude prices spike. The US Dollar Index (DXY) also gained 0.3% to 98.10, as higher oil prices reinforced expectations of sustained Federal Reserve interest rates through year-end.
Iran’s demands for sovereignty over the Strait of Hormuz and compensation for war damages further stalled negotiations, adding to market uncertainty.