New Delhi: The Indian rupee plunged by 8 paise against the US dollar in early trade amid rising crude oil prices and renewed geopolitical tensions following fresh US strikes on Iran.
At the interbank foreign exchange market, the rupee opened at 95.43 against the US dollar, down 17 paise from its previous close.
On Tuesday, the rupee depreciated 44 paise to close at 95.70 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.04, down 0.19 per cent.
According to experts, broader pressure on the rupee is likely to continue as long as geopolitical tensions remain elevated. Moreover, RBI measures and liquidity support may help provide temporary relief and contain volatility in the near term, they said.
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