INR Pressured By Elevated Oil Prices; Escalating Geo-Political Tensions

Published on Oct 09, 2023 17:28

The Indian rupee settled almost flat for the day at the start of the week amid surging international crude oil prices weak local equities. Meanwhile, dollar holding on to recent strength on safe haven demand amid heightened concerns in the Middle East is also keeping the domestic unit under pressure. Rupee settled flat at 83.28, unchanged from previous close. At the interbank foreign exchange, the domestic unit opened at 83.24 and registered an intraday high and low of 83.21 and 83.28 respectively. Indian shares ended notably lower on Monday after the dollar climbed and oil prices surged due to escalating geopolitical tensions in the Middle East.