Rupee at 93.70 as oil nears $100 amid Trump uncertainty
The Indian rupee started the day lower at 93.70 per US dollar, mainly because oil prices are climbing close to $100 a barrel.
Uncertainty around US President Donald Trump extended a ceasefire with Iran indefinitely, still not agreed to by Iran or Israel, has made investors uneasy and put extra pressure on the currency.
Strait of Hormuz closed, RBI easing
Tensions in the Middle East are heating up, with incidents like the Strait of Hormuz remains closed and a US seizure of an Iranian ship making headlines.
Back home, changes by India's central bank to ease some rules for offshore currency trading have also played a role.
As Amit Pabari, managing director at CR Forex Advisors, puts it, "The market uncertainty persists over the success of future peace talks and the fact that the Strait of Hormuz remains effectively closed. For India, this is critical," making it tough for them to navigate today's market.