Rupee Falls 11 Paise to 96.36 Against US Dollar in Early Trade

The Rupee has depreciated against the US Dollar again. Before coming to Wednesday’s fall, on Tuesday, the rupee had settled at 96.25 against the US Dollar.

According to reports, crude oil prices climbed on renewed geopolitical tensions as well as demand for the US dollar increased as investors moved towards the safe haven assets. As investors sought safe haven assets and geopolitical tensions resurfaced, raising crude oil prices, the rupee fell by 11 paisa to 96.36 against the US dollar in early trading on Wednesday, PTI reports.

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According to Forex traders, crude oil prices are still being supported by fears about the safety of oil shipments via the Red Sea and Strait of Hormuz. According to them, the market has also maintained a geopolitical risk premium due to the US-Iran conflict and Houthi threats against shipping.

The Nifty fell 0.34 percent to 24,104.40, while the 30 share benchmark index Sensex was trading 0.52 percent lower at 77,070.61 on the domestic equity market front. According to exchange figures, foreign institutional investors bought equities worth Rs. 1,650.16 crore on Tuesday.