Rupee Falls to 95.56 as Crude Prices and Dollar Rise

The Indian rupee became slightly weaker against the US dollar on Monday.

It traded at 95.56 rupees for one dollar.

This was 13 paise lower than its previous closing value.

Traders said higher oil prices and geopolitical tensions were putting pressure on the rupee.

They also said investors were increasingly expecting a US interest-rate increase in September.

Those expectations helped push US Treasury yields higher and supported the dollar.

Oil prices rose because of worries about supplies through the Strait of Hormuz.

The Reserve Bank of India was said to be taking steps to prevent a much sharper fall.

India’s foreign exchange reserves also reached a record high.