Rising crude prices near $91.00 weigh on the INR after US strikes in Iran spark supply concerns and stall the rupee’s four-day rally.
The Indian Rupee halted its four-day advance against the US Dollar, with the USD/INR pair climbing toward 95.45. The move follows a 1.5% surge in WTI crude prices to near $91.00, driven by fears of disrupted US-Iran negotiations after US strikes on Iranian missile sites.
Earlier gains in the INR were fueled by optimism over a potential US-Iran deal, which had pushed oil prices lower. India, a major oil importer, faces currency pressure when crude costs rise. US officials described the strikes as defensive, while President Trump expressed confidence in ongoing negotiations.
Market participants remain cautious as geopolitical risks resurface, weighing on oil-dependent currencies like the INR.