Rupee Hits Week-Long Low Amid Volatile Oil Prices and Foreign Fund Outflows

The Indian rupee declined by 36 paise to a week-low of 87.31 against the US dollar due to volatile oil prices and foreign fund outflows. Despite a weaker dollar, domestic equity market sell-offs worsened the rupee's position. Global economic concerns persist amid trade war threats and decreasing forex reserves.

The Indian rupee depreciated by 36 paise, closing at a week's low of 87.31 against the US dollar on Monday. The decline was fueled by volatile crude oil prices, ongoing foreign fund outflows, and tariff uncertainties.

A weaker American currency did little to bolster the rupee as the domestic equity market suffered from significant sell-offs. The unit opened at 87.24 before hitting a low of 87.36, finishing the day at 87.31 against the greenback.

The Reserve Bank of India noted a drop in the country's forex reserves by USD 1.781 billion to USD 638.698 billion. Meanwhile, Brent crude rose to USD 70.56 per barrel, and the BSE Sensex fell by 217.41 points. Global concerns include US trade war threats and fluctuating hiring statistics.

(With inputs from agencies.)