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Rupee ends at 2-month low as oil prices soar; closes below 86 mark
The Indian Rupee closed below the 86 mark on Friday, hitting a two-month low as a surge in crude oil prices, driven by escalating tensions in West Asia, weighed on sentiment.
The domestic currency fell 49 paise to end at 86.09 against the dollar, after closing at 85.60 on Thursday, according to Bloomberg. During the day, the currency fell as much as 0.65 per cent to hit the 86.2 level, marking the lowest level since April 11.
The currency was expected to open and trade lower given the escalating tensions in West Asia, according to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP. The rupee is likely to trade in the range of 85.70 to 86.25, he added.
Israel launched 'Operation Rising Lion' against Iran Friday morning, attacking its nuclear facilities amid escalating tensions between the two West Asian countries. Benjamin Netanyahu said Israel had 'struck at the heart of Iran's nuclear enrichment program', as well as leading nuclear scientists and the ballistic missile program.
Israel's Defence Minister, Israel Katz, declared a state of emergency shortly after the strikes. The head of the Islamic Revolutionary Guard Corps, Hossein Salami, was killed in the strikes, according to reports.
Oil prices rose over 10 per cent during the day and are on course for the biggest weekly gain since 2022. Brent crude price was up 7.22 per cent to $74.37 per barrel, while WTI crude prices were higher by 7.47 per cent at 73.12, as of 3:30 PM IST.
Meanwhile, the dollar index, which measures the greenback against a basket of six major currencies, was up 0.42 per cent at 98.33. Investors watch out for US President Donald Trump's plans to set unilateral tariff rates in the next one to two weeks.
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