Indian Rupee Declines for Fourth Consecutive Session Amid Rising Oil Prices
INR loses for fourth straight session beyond Rs 94/$ mark amid soaring oil prices
Business Standard
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The Indian rupee fell for the fourth straight session, closing at 94.11 against the US dollar, as crude oil prices surged and foreign funds continued to exit Indian markets. The rupee's depreciation is linked to stalled peace talks in West Asia and a significant drop in domestic equities.
- 01The rupee settled at 94.11 against the US dollar, losing 33 paise.
- 02This marks the rupee's fourth consecutive session of decline.
- 03Rising crude oil prices and stalled U.S.-Iran peace talks are key factors.
- 04The Sensex fell by 852.49 points (1.09%) to close at 77,664.06.
- 05Foreign fund withdrawals and increased demand for the US dollar are impacting the rupee.
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The Indian rupee continued its downward trend, closing at 94.11 against the US dollar after losing 33 paise. This decline marks the fourth consecutive session of depreciation, influenced by soaring crude oil prices and uncertainty surrounding peace talks in West Asia. The rupee has depreciated over 1% in the past week, driven by massive selling in domestic equities and a withdrawal of foreign funds. On Thursday, the Sensex fell by 852.49 points (1.09%) to 77,664.06, while the Nifty 50 dropped 205.05 points (0.84%) to 24,173.05. The rupee opened at 94.03, hitting an intra-day low of 94.17 before settling at 94.11. Analysts note that the ongoing geopolitical tensions and rising oil prices are creating a challenging environment for the Indian currency.
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The weakening rupee could lead to higher import costs, particularly for oil, which may increase fuel prices for consumers.
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