Middle East tensions, importer dollar bids keep rupee on backfoot
MUMBAI -The Indian rupee declined on Thursday to hover around its weakest level in over two months, as persistent worries about escalation in the Iran-Israel air war kept oil prices elevated and dented risk sentiment.
The rupee was quoted at 86.6875, as of 12:20 p.m. IST, down 0.2% from its close of 86.4475 on Wednesday. Earlier in the session, it touched 86.71 - its lowest level since April 9.
The dollar index was up about 0.2% at 99 and Asian currencies declined, as the possible entry of the United States into the week-old Israel-Iran air war kept financial markets on edge.
The Israeli military said on Thursday it had targeted the nuclear reactor in the area of Arak in Iran overnight and what it called a nuclear weapons development site in the area of Natanz.
The geopolitical tensions have sparked a jump in oil prices, with Brent crude futures last at $76.8 per barrel, up nearly 19% on the month so far.
Traders also pointed to dollar demand from importers weighing on the rupee on the day.
The rupee could decline towards 86.70-86.80 if dollar strength and elevated crude oil prices persist, said Amit Pabari, managing director at FX advisory firm CR Forex.
Meanwhile, the U.S. Federal Reserve expectedly kept policy rates unchanged on Wednesday.
Fed Chair Jerome Powell said that he expects "meaningful" inflation ahead as consumers pay more for goods due to the Trump administration's planned import tariffs.
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