Indian rupee to open weaker after Iran and US tensions
Business
The Indian rupee is expected to start Thursday on a weaker note, thanks to a jump in oil prices after fresh tensions between Iran and the US.
The rupee closed at 95.27 per dollar yesterday, but only saw a brief boost, mostly from RBI-backed dollar sales.
Traders say unless oil prices drop, the rupee probably won't bounce back much.
Brent $95.50 after US airstrikes
Brent crude shot up to $95.50 per barrel after US airstrikes on Iran, with Tehran threatening to block the Strait of Hormuz, a key route for global energy supplies, which could hit India hard.
At the same time, shaky global markets and US equity sell-offs aren't helping.
Even though US core inflation came in lower than expected, it hasn't eased worries or changed Fed rate outlooks.