The decline in the Indian rupee is continuing as the value depreciated 49 paise to 93.32 against the US dollar in early trade on Monday.
The fall in the rupee is directly linked to the rising crude oil prices, which breached the $100 mark on Monday after US President Donald Trump threatened to block the Strait of Hormuz.
The renewed tensions in West Asia and uncertainties on the opening of the Strait of Hormuz follow the deadlock between the warring parties, the United States and Iran.
At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and lost further ground during trading while declining to 93.32 against the greenback in early deals, down 49 paise from its previous closing level.
During the last trading session, the rupee settled 32 paise lower at 92.83 against the US dollar.
Meanwhile, contrasting results were seen in the US dollar index, which gauges the greenback’s strength against a basket of six currencies, gaining 0.38 per cent to 98.81 compared to 98.10 in the previous trading session.
Brent crude, the global oil benchmark, was trading higher by 8 per cent at $103.13 per barrel in futures trade after the US said it would blockade Iranian ports beginning Monday.
The Reserve Bank of India (RBI) said on Friday that the country's forex reserves jumped by $9.063 billion to $697.121 billion during the week ended April 3, 2026.
In the previous reporting week, which ended on March 27, the overall reserves had dropped by $10.288 billion to $688.058 billion.
Also read: Sensex crashes 1,600 pts, Nifty drops 480 pts in early trade
Follow us
