Rupee Falls 11 Paise to 95.84 Against US Dollar in Early Trade

As geopolitical unpredictability caused a significant increase in crude oil prices and increased US bond yields and the dollar, the rupee remained weak on Thursday, dropping 11 paise to 95.84 against the US dollar in early trade, according to reports.

The inflow of foreign capital did not support the local currency because of the selling pressure on the domestic stock market and a strengthening American currency, according to foreign exchange dealers, reports PTI. At the interbank foreign exchange market, the rupee opened at 95.84 against the American currency and was still under pressure, losing 11 paise from its last closing.

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The rupee fell by 11 paise against the US dollar on Wednesday, closing at 95.73, after rising by 16 paise the day before. The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.06 percent higher at 100.87.

Despite being up from around 72 USD per barrel in late February before the Iran war, Brent Crude futures, the international oil standards, were trading 0.97 percent lower at 102.08 USD per barrel.

(Disclaimer: Given the input is on an information basis, please seek professional advice.)