India, Aug. 12 -- The rupee weakened 6 paise to Rs 95.42 against the US dollar in early trade on Wednesday, pressured by a sharp rise in Brent crude prices towards USD 90 a barrel.
The uptick in oil prices came amid fading hopes of a swift US-Iran agreement and uncertainty over the reopening of the Strait of Hormuz, traders said.
Forex market participants noted that uncertainty surrounding the key shipping route remains the primary driver of the rise in crude prices. Growing scepticism over a quick US-Iran deal, coupled with reports of attacks on shipping vessels, has further heightened concerns over potential disruptions to physical oil supplies.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited...