The Indian rupee slipped by 18 paise to 96.38 against the US dollar in early trade on Monday, weighed down by a stronger dollar, rising US treasury yields and growing concerns over tensions between the United States and Iran.
According to forex traders, market sentiment remained weak as rising crude oil prices and uncertainty surrounding the Strait of Hormuz continued to put pressure on the domestic currency. The situation has also raised concerns over disruptions to India’s trade with Gulf nations.
At the interbank foreign exchange market, the rupee opened at 96.38 against the dollar, marking a decline from its previous closing level.
Analysts said investors are closely monitoring geopolitical developments and global oil prices, both of which are expected to influence currency movements in the coming days.
