Rupee slips 13 paise to 71.93 against US dollar on higher crude oil prices

The rupee plunged 13 paise to settle at 71.93 against the US currency on Monday, mainly weighed down by the spike in global crude oil prices as escalating US-Iran tensions fanned fresh fears of conflict in the Middle East. Forex traders said escalation in geopolitical tensions could continue to keep the domestic unit down.

At the interbank foreign exchange, the rupee opened weak at 72.03 against the US dollar. During the day, the domestic unit touched a low of 72.11. The local unit recovered some lost ground and finally closed at 71.93 against the US dollar, lower by 13 paise over its previous closing.

The rupee on Friday had closed at 71.80 against the US dollar. This is the third straight session of loss for the domestic currency, during which it has lost 71 paise.

Meanwhile, Brent futures, the global oil benchmark, rose 1.49 per cent to USD 69.62 per barrel.