India, July 22 -- The Indian rupee weakened by 11 paise to 96.36 against the US dollar in early trade on Wednesday, pressured by rising crude oil prices and increased demand for the greenback as investors sought safe-haven assets amid escalating geopolitical tensions.
According to forex traders, concerns over the security of oil shipments through the Red Sea and Strait of Hormuz, coupled with Houthi threats to shipping and ongoing US-Iran hostilities, have kept a geopolitical risk premium elevated, supporting higher crude oil prices.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....