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Rupee under pressure: Currency slips 39 paise against US dollar as oil prices soar again

Times of India Published Jul 13, 2026 Reviewed Jul 13, 2026 ✓ Reviewed by citations.press editors
The Rupee fell 39 paise against the US dollar at the start of the week.
39 paise · Rupee
The Rupee opened at 95.72 against the US dollar in the interbank foreign exchange market on Monday.
95.72 Rupee per US dollar · Rupee
The Rupee further weakened to 95.77 against the US dollar, compared with Friday's closing level of 95.38.
95.77 Rupee per US dollar · Rupee95.38 Rupee per US dollar · Rupee's closing level
The Rupee had ended the previous week 9 paise higher.
9 paise · Rupee
Forex traders expected the Indian rupee to open weaker at 95.53 levels, with Brent oil prices rising over $79 to the barrel after Iran declared the Strait of Hormuz closed.
more than 79 US dollar per barrel · Brent oil prices95.53 Rupee per US dollar · Indian rupee forex traders
Brent crude, the global benchmark, surged 4.05% to $79.09 per barrel in futures trade.
4.05 % · Brent crude79.09 US dollar per barrel · Brent crude
The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.17% at 101.12.
0.17 % · dollar index101.12 · dollar index
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, stated that Brent oil prices rose by more than 4% to $79.25 per barrel on Monday morning as Iran announced the closure of the Strait of Hormuz.
more than 4 % · Brent oil prices79.25 US dollar per barrel · Brent oil prices Anil Kumar Bhansali, Head of Treasury and Executive Director
The Sensex fell 616.15 points to 76,946.97, and the Nifty dropped 190.50 points to 24,015.
616.15 points · Sensex76946.97 · Sensex190.5 points · Nifty24015 · Nifty
According to exchange data, foreign institutional investors (FIIs) bought shares worth a net Rs 2,603.72 crore on Friday.
2603.72 crore · shares bought by FIIs
The Reserve Bank of India reported that the country's foreign exchange reserves increased by $7.26 billion to $674.193 billion in the week ended July 3.
7.26 billion US dollars · country's foreign exchange reserves674.193 billion US dollars · country's foreign exchange reserves Reserve Bank of India
In the previous reporting week, the country's foreign exchange reserves had declined by $5.654 billion to $666.933 billion.
5.654 billion US dollars · country's foreign exchange reserves666.933 billion US dollars · country's foreign exchange reserves

Rupee began the week on a negative note, falling 39 paise against the US dollar as soaring crude oil prices and escalating tensions in the Middle East dampened sentiment. The domestic currency opened at 95.72 against the greenback in the interbank foreign exchange market on Monday.The currency further weakened to 95.77, compared with Friday's closing level of 95.38.

This comes after the currency had ended the previous week 9 paise higher.Currency dealers attributed the fall to a spike in oil prices after Iran declared the Strait of Hormuz closed, fuelling concerns over a potential disruption to global crude supplies."With Brent oil prices rising over $79 to the barrel the Indian rupee is expected to open weaker at 95.53 levels after Iran declared the Strait of Hormuz as closed," forex traders said."The renewed fighting between the US and Iran revived fears of a major disruption to global Crude supplies," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.Brent crude, the global benchmark, surged 4.05% to $79.09 per barrel in futures trade, while the US dollar also strengthened.

The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.17% at 101.12."Brent oil prices rose by more than 4% this Monday morning rising to $79.25 per barrel as Iran announced the closure of Strait of Hormuz. The latest rally came after Iran on Sunday expanded missile and drone attacks to Gulf states and the UAE in retaliation for US strikes," Bhansali added.The weakness in rupee mirrored the broader risk-off mood at the Dalal Street.

Benchmark equity indices opened deep in the red, with the Sensex falling 616.15 points to 76,946.97 and the Nifty dropping 190.50 points to 24,015.However, foreign investors continued to support Indian equities. According to exchange data, foreign institutional investors (FIIs) bought shares worth a net Rs 2,603.72 crore on Friday.Meanwhile, the Reserve Bank of India provided some positive macroeconomic news, reporting that the country's foreign exchange reserves increased by $7.26 billion to $674.193 billion in the week ended July 3.

In the previous reporting week, the reserves had declined by $5.654 billion to $666.933 billion.Get the latest business news and top stories. Download the TOI App.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.

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