13.07.202604:10:02UTC+00Rupee Falls to Over Four-Week Low

The Indian rupee weakened to 95.7 per dollar, giving up recent gains to reach its lowest level in more than four weeks, as renewed tensions in the Middle East drove a sharp rise in crude oil prices. Market sentiment soured on fresh worries about India’s trade balance after Iran extended its attacks to Qatar and the UAE in response to new US strikes on Iranian targets. US President Donald Trump’s declaration that the ceasefire was over intensified fears of further supply disruptions. Brent crude climbed more than 4% to $79.28 per barrel, adding pressure on the rupee. Investors also tracked the Reserve Bank of India’s stance, with market participants expecting the central bank to keep supporting the currency via dollar sales, as higher oil prices raise the risk of inflation. At the same time, traders closely followed US Treasury yields, gauging how mounting oil-driven inflation concerns and the latest round of strikes and counter-strikes might affect global energy supplies.