The rupee fell on Tuesday past the 96 per dollar mark for the first time since late May as a sharp rise in oil prices this week pressured the currency after tensions in the Middle East deepened, with the U.S. and Iran trading fresh strikes. The rupee fell nearly 0.5% to 96.0775, its weakest level since May 22. Brent crude oil futures were last at $84.6 per barrel, up nearly 11% on the week. Indian equities were under pressure on Tuesday as well with the benchmark stock index, the Nifty 50, down 0.6% and tracking losses in regional stocks.MORE TO COME...
Rupee drops past 96 per dollar as oil prices climb on renewed US-Iran tensions
The rupee weakened past 96 against the dollar on Tuesday. This decline occurred as oil prices saw a sharp increase this week. Tensions in the Middle East deepened, leading to fresh strikes between the US and Iran. Indian equities also faced pressure, with the Nifty 50 index experiencing losses. The rupee reached its weakest point since late May due to these combined factors.
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