Rupee Hit by Geopolitical Events and Oil Price Surge

The rupee took a hit this morning. It slipped by forty-nine paise to settle at 96.17 against the dollar. That all because of those US strikes against Iran, happening for the third night in a row. It just poured gasoline on the fire, making everyone nervous about that ceasefire finally falling apart and pushing oil prices up again.
And then you have the Fed talking. Some official came out with some really hawkish comments. Traders immediately saw US yields jump higher. Naturally, this stuff pumps the rupee down further. It’s a vicious cycle, isn't it?
Meanwhile, crude oil is moving fast in Asia. Brent climbed up to $85.64 a barrel. That’s actually its highest level in over a month now. All that because the US military kept hitting targets in Iran and those reports about tankers getting attacked in the Strait of Hormuz came out.
That spike is really biting. It surged nearly ten percent on Monday already, and now it’s up more than twenty percent from where it was low. It totally wiped away any small bit of relief the rupee had found when oil prices were a little softer. Things are just shifting quickly across the board.
Written by Gree News Team — Senior Editorial Board
Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.
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