Rupee opens at ₹94.51 amid Brent surge, Iran tensions
Business
The rupee opened a bit weaker at ₹94.51 per US dollar on Tuesday, mainly because Brent crude prices remained elevated and importer hedging weighed on the currency:
Brent crude is now close to $97 a barrel. This spike comes as tensions heat up in West Asia, with Iran warning of retaliation against the US and worries about possible disruptions in the vital Strait of Hormuz.
RBI reportedly sold $8 billion
To keep the rupee from sliding further, the Reserve Bank of India has reportedly sold about $8 billion worth of dollars through last week.
Analysts say this move is key for keeping the currency stable right now.
If high oil prices stick around and RBI keeps up its efforts, experts expect the rupee to hover between ₹94 and ₹94.75 for now.