Rupee Hits Two-Month Low Amid Crude Oil Surge and Geopolitical Tensions

The rupee fell 17 paise to a two-month low of 83.61 against the US dollar amid rising crude oil prices due to geopolitical tensions in the Middle East, despite the domestic equity markets reaching new highs. Analysts predict continued volatility for the rupee driven by global and domestic economic indicators.

The rupee plunged 17 paise to settle at a two-month low of 83.61 against the US dollar on Thursday, influenced by surging crude oil prices amid renewed geopolitical tensions in the Middle East. This decline persisted even as domestic equity markets reached fresh peaks.

Forex traders noted that foreign capital inflow and positive momentum in local equity markets were insufficient to support the rupee, which succumbed to the firm American currency's pressure against major overseas rivals.

During the trading session at the interbank foreign exchange market, the local unit opened at 83.43 and briefly touched an intra-day high of 83.42 before hitting an all-time low of 83.68. The rupee ultimately settled at 83.61, marking a fall of 17 paise from its previous close on Wednesday, when it settled marginally lower at 83.44 against the US dollar.

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