Indian Rupee weakens to 95.80 against USD amid rising crude prices and geopolitical risks in the Middle East.
The Indian Rupee (INR) opened sharply lower against the US Dollar (USD) on Monday, trading near a six-week high of 95.80. The move follows a 4.6% surge in crude oil prices to Rs. 7,127 on the MCX, driven by escalating Middle East hostilities.
The US Dollar Index (DXY) rose 0.15% to 101.15, reflecting safe-haven demand after US strikes targeted over 300 Iranian sites in three days. Iran’s threat to close the Strait of Hormuz, a key oil transit route, further pressured oil-dependent currencies like the INR.
Investors await India’s inflation data and US economic releases later this week, which could influence further currency movements.