Rupee falls 29 paise to close at 95.22 against US dollar
The rupee opened at 94.92 against the dollar, then lost ground to touch an intra-day low of 95.26 and finally settled for the day at 95.22 (provisional), registering a decline of 29 paise over its previous close
The Indian rupee declined for the third consecutive day, closing 29 paise lower at 95.22 against the US dollar on Monday. This depreciation was attributed to higher crude oil prices, geopolitical tensions in the Middle East, and positive movements in the US dollar and US Treasury yields. The rupee opened at 94.92 against the dollar at the interbank market, but declined to touch an intra-day low of 95.26 before settling at 95.22 for the day.
Over the past three sessions, the rupee has lost 84 paise against the US dollar. Experts anticipate the rupee to trade with a negative bias due to rising geopolitical tensions and elevated crude oil prices. RBI intervention could potentially stabilize the currency at lower levels. The Rupee-Dollar spot price is expected to fluctuate between 94.90 and 95.50.
The dollar index, which measures the greenback's strength against a basket of currencies, is currently trading higher at 101.82. Brent crude oil prices dropped by 1.41 percent to $115.08 per barrel. Analysts advise monitoring the immediate USD/INR range of 94.30-95.50, with a sustained move above ₹95.50 indicating renewed depreciation pressure and a break below ₹94.30 potentially extending the rupee's recovery.
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