Rupee Closes At Three-Month Low Amid Escalating Israel-Iran Tensions
The Indian rupee closed 26 paise weaker at 86.74 against the US dollar on Thursday, in comparison with its previous close of 86.47 on Wednesday. This is the lowest in three months. The currency's decline comes amid ongoing market uncertainty and geopolitical tensions.
The domestic currency opened 6 paise weaker at 86.53, against the US dollar.
"The Indian Rupee weakened against the Dollar on Thursday morning trade, weighed down by dollar bids from local corporate and elevated oil prices," said Sriram Iyer, senior research analyst at Reliance Securities.
Rupee fell amid escalating Middle East tensions between Iran and Israel along with rising crude oil prices, both pressuring the currency against the dollar, said Ritesh Bhanshali, director, Mecklai Financial Service Ltd.
The domestic currency will see support at 86.10-85.80 levels, while resistance will be at 86.60-86.90 levels, added Bhanshali.
Additionally, the US dollar index was higher at 99.09.
Brent crude—the global benchmark for crude oil—rose 0.12% to $76.79 after a volatile trading week as the market focused on whether President Donald Trump will plunge the US into the conflict between Israel and Iran, which has raised concerns around supply disruptions.
Prices have fluctuated in a range of around $8 this week, with volatility spiking, options getting more bullish, and key spreads significantly widening in backwardation, according to Bloomberg.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
