Indian Rupee Sinks to One-Month Low as Middle East Tensions Lift Oil
The Indian rupee sank to 95.60 against the US dollar on Wednesday, its weakest since June 11, as oil jumped about 6% after US President Donald Trump said the Iran agreement was over, raising concerns over India's import bill and inflation. For the third straight day, the Foreign Institutional Investors, or FIIs, invested in the Indian markets with their stakes worth 3.93 billion Indian rupees on Tuesday. The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged higher 0.08% to maintain its strength above 101.20 on Wednesday. The next high-impact event for the Indian currency will be the Inflation Rate for June, due on July 13. For the USD, the major event will be the FOMC Minutes, due later on Wednesday. At the time of writing, the USD/INR pair was trading at 95.5550, with a 0.63% gain during the American trading session on Wednesday.
The Indian rupee sank to 95.60 against the US dollar on Wednesday, its weakest since June 11, as oil jumped about 6% after US President Donald Trump said the Iran agreement was over, raising concerns over India's import bill and inflation.
For the third straight day, the Foreign Institutional Investors, or FIIs, invested in the Indian markets with their stakes worth 3.93 billion Indian rupees on Tuesday.
The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged higher 0.08% to maintain its strength above 101.20 on Wednesday.
The next high-impact event for the Indian currency will be the Inflation Rate for June, due on July 13.
For the USD, the major event will be the FOMC Minutes, due later on Wednesday.
At the time of writing, the USD/INR pair was trading at 95.5550, with a 0.63% gain during the American trading session on Wednesday.