Currency Buzz: INR lingers around 4-month low as oil prices soar
Mumbai, Sept. 15 -- The Indian rupee depreciated 30 paise to 95.84 against the US dollar in early trade on Tuesday on elevated Brent crude oil prices and heightened Middle East tensions. INR slipped further to hit a four month low of 95.91 so far during the day. With Brent crude touching USD 106 per barrel, increased dollar demand from oil importers raised concerns over India's external balance and inflation. The surge in oil prices fueled inflation worries and pushed the US 10-year Treasury yield to 5% for the first time in nearly three years, while markets see a Fed rate hike on Wednesday. Muted local equities also added weight on the counter. The BSE Sensex is trading at 74,601.23 (down 0.24%), after initially opening much higher at 75,3...
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