Rupee falls to 95.42 against US dollar amid oil worries
The rupee lost a bit of ground against the US dollar Wednesday, now trading at 95.42.
This small dip comes as global oil prices rise, uncertainty over the Strait of Hormuz, and markets are increasingly skeptical about a quick U.S.-Iran agreement, factors that tend to make investors nervous.
Brent at $89.80 prompts dollar buying
With Brent crude up 1% to $89.80 per barrel, oil companies are buying more dollars, which adds even more pressure on the rupee.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, noted that if oil stays expensive, we could see the rupee hit 95.50 or even 96.00 soon.
Meanwhile, Indian stock markets opened slightly down (Sensex dipped 35.99 points and Nifty skid 31.15 points) as investors stay cautious amid these global tensions.