Rupee closes at 95.73 per US dollar amid crude spike
The Indian rupee slipped by 47 paise, closing at 95.73 per US dollar on Tuesday.
This drop comes after a brief gain yesterday and was mainly driven by spiking crude oil prices and fresh geopolitical tensions in West Asia.
The currency bounced between 95.33 and 95.76 throughout the day.
Brent nears $100, Indian markets fall
Brent crude jumped over 3% to nearly $100 a barrel after news of new US attacks on Iran, raising worries about a longer conflict.
A stronger US dollar added extra pressure, while Indian stock markets also took a hit: Sensex fell by almost 480 points and Nifty dropped by more than 100 points.
Analysts warn rupee faces pressure
Analysts say the rupee could stay under pressure if oil stays expensive and global uncertainty continues, but things might improve if oil prices cool off soon.
Investors are keeping an eye out since changes in the rupee can affect inflation and everyday costs in India.