Rupee weaker ₹95.88 after Trump rejects Iran peace plan
Business
The rupee opened a bit weaker at ₹95.88 against the US dollar on Monday, dropping seven paise from the previous trading session.
This dip follows a spike in oil prices: Oil prices were trading more than 1% higher at $107 per barrel after US President Trump rejected Iran's peace plan, adding to global market jitters.
RBI defends rupee near ₹96
With oil costs and US Treasury yields both climbing (the 10-year yield just hit its highest in 20 years), the Reserve Bank of India is working to keep the rupee from falling below ₹96.
Amit Pabari, managing director at CR Forex Advisors, notes that if the rupee drops under ₹95.70, it could head toward ₹95.00, so traders are keeping an eye on these support levels right now.