Industry Odisha Bureau, July 22: The rupee fell 11 paise to 96.36 against the US dollar in early trade on Wednesday. Rising crude oil prices and demand for the dollar weighed on the domestic currency.
The rupee had settled at 96.25 against the greenback on Tuesday.
Concerns over oil shipments through the Red Sea and the Strait of Hormuz continue to support crude prices. The same was confirmed by forex trade. They added that the ongoing US-Iran tensions have kept the geopolitical risk premium elevated.
Notably, BRent crude rose 1.18 percent to $92.08 a barrel in futures trade. The dollar index was marginally lower at 101.15.
Mr. Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said recent RBI measures to attract overseas deposits have helped cushion the rupee despite external pressures.
