Rupee Falls 66 Paise Amid Costlier Crude, Israel-Iran Tensions; Check Details
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The Indian rupee fell 66 paise to 86.18 per US dollar due to costlier crude and Israel-Iran tensions. Brent crude futures rose 12.45 percent, and Indian equities also declined.
The Indian rupee on Friday declined 66 paise to trade at 86.18 to a US dollar amid costlier crude and Israel-Iran tensions. It had closed at 85.52 in the previous session on Thursday. After the opening, the rupee recovered a bit to trade at 85.52.
At the interbank forex, the rupee opened at 86.25 and moved between an intraday high of 86.25 and a low of 85.98 against the US dollar.
Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, said, 'The Indian rupee was expected to open down as hostility in the Middle East kept tensions boiling. The range for the rupee is expected between 85.70 to 86.25, but it could be an opportunity for exporters to sell their receivables as the RBI will surely step in to curb the volatility. Importers need to wait and watch the situation as it develops."
Brent crude futures rose $8.64, or 12.45%, to $78.00 a barrel by 0825 IST, the highest in the past five months. US equity futures plunged 1.8% and safe-haven demand boosted the struggling dollar.
'The real concern for the rupee isn't just today's oil spike – it's the risk of a sustained rally if Middle East tensions deepen," a currency trader at a Mumbai-based bank told Reuters.
According to the trader, the 86.00 to 86.10 zone is a major support for the rupee, though he warned that defending it 'will be challenging".
Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran's agreement to halt production of material for an atomic bomb.
Indian equities markets on Friday also took a hit of global tensions. The BSE Sensex tanked 1,337.39 points to 80,354.59 in early trade, while the Nifty dropped 415.2 points to 24,473.
Safe-haven demand lifted the Japanese yen and the Swiss franc and helped the dollar index recover to the 98 handle. The 10-year US yield dropped despite the jump in oil.
First Published:
June 13, 2025, 09:08 IST
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