Business Standard

Rupee falls 15 paise to 95.56 against US dollar during early trade

The rupee depreciated 15 paise to 95.56 against the US dollar in early trade on Wednesday as fresh escalations in the West Asia war lead to a spike in crude oil prices and pressurised the rupee. Forex traders said the USD/INR pair opened on a negative note after US President Donald Trump said Iran was responsible for downing an American military helicopter near the Strait of Hormuz and that the US "must" respond to the attack. At the interbank foreign exchange market the rupee opened at 95.52, then lost ground and touched 95.56 in initial trade, registering a fall of 15 paise from its previous close. On Tuesday, the rupee appreciated 20 paise to close at 95.41 against the US dollar. According to traders, the Indian rupee is trading with a negative bias and remains under severe pressure due to renewed geopolitical tensions in West Asia. As India heavily relies on energy imports, any spike in global crude oil prices directly widens the trade deficit and weakens the domestic currency

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