Rupee depreciated again

The Indian rupee weakened significantly in the forex market, declining by 42 paise to close at 91.49 against the US dollar. The fall is mainly attributed to a surge in global crude oil prices amid US and Israeli strikes on Iran, along with rising demand for the US dollar in international markets. Losses in domestic equity markets and withdrawal of investments by foreign institutional investors further added pressure on the rupee, according to forex dealers.

Market experts expect the currency to remain under pressure in the near term, with the exchange rate likely to move in the range of 91.10 to 91.80.