India’s currency steadies against the USD amid rising oil prices, pressuring import-dependent economies like India.
The Indian Rupee (INR) traded nearly unchanged against the US Dollar (USD) early Tuesday, with the USD/INR pair hovering around 83.00. The rupee’s outlook has weakened as oil prices rebounded sharply, fueled by renewed tensions over the US-Iran deal.
West Texas Intermediate (WTI) crude fell 1.25% to near $90 after surging over 4.5% on Monday. Oil-importing nations like India typically see currency pressure when energy costs rise. Reports indicated Iran’s negotiating team halted indirect talks with the US, protesting attacks on Lebanon.
US President Donald Trump later eased concerns, expressing confidence in resolving the diplomatic impasse within a week. However, Iran’s warnings of consequences over military actions added to market uncertainty.