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US-Iran tensions send oil prices soaring, rupee may have a tough year ahead

Analysts expect the renewed geopolitical worries to remain for a couple of days, lending support to the crude oil price and taking a toll on emerging market currencies, including the rupee

Anup Roy  |  Mumbai 

The rupee crossed 72 a dollar intraday, taking cues from the equity markets, but it clawed back later in the day as exporters stepped in to sell dollars. The Reserve Bank of India (RBI) did not intervene in the market, said currency dealers.

The rupee closed at 71.94 a dollar, down from its previous close of 71.80 a dollar, as the crude oil price crossed $70 a barrel. On Friday, after the US killed a top Iranian general, the rupee had depreciated 0.61 per cent against the dollar. The currency market believes that the Iran-US face-off may not escalate into a full-fledged war, ...

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First Published: Tue, January 07 2020. 01:30 IST
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