The Indian rupee broke its five-session winning streak to close 8 paise weaker at 85.60 against the US dollar on Thursday. It closed at 85.52 a dollar on Wednesday
The US Dollar Index also declined as much as 0.66% to trade in the red at 97.99 near the day's low. Futures for global oil benchmark Brent crude also slumped as low as nearly 2% and were trading at 68.71, down 1.05% as of 3:47 p.m.
As per Bloomberg, "Oil retreated from its surge over Middle East tensions as traders weigh the latest developments in the region against a risk-off mood triggered by renewed tariff threats from Washington.
Brent slipped near $69 a barrel after jumping 4.3% on Wednesday, the most since October, with signs the rally was overstretched.
Crude shot up after Iran threatened to strike US bases if nuclear talks fell through and the US told some staff to depart the embassy in Iraq. The UK Navy issued a warning to ships sailing across the Strait of Hormuz, through which over a quarter of the world's oil travels."
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