Rupee Depreciates by 14 Paise Against the Dollar in Early Trade Today

Mumbai, June 23, 2025 – The Indian rupee weakened 14 paise to 86.69 against the US dollar in early morning trade on Monday, driven by rising global crude oil prices and fresh strength in the greenback. As of 11:20am IST Rupee has further dropped to 86.82.

At the interbank foreign exchange market, the rupee opened weaker at 86.75, responding to the increased geopolitical tensions after reports of a US attack on Iran’s nuclear sites. The traders pointed out that the increasing crude prices a direct fall-out of the conflict have increased the fears of India’s trade deficit as well as inflation expectations, further weakening the local currency.

The rupee was able to regain a bit from its opening level but continued to be off 14 paise from Friday’s close of 86.55.

To add to the misery of the rupee, the US dollar has firmed against a basket of main world currencies, led by safe-haven buying in an uncertain world.

Forex market players are closely monitoring geopolitical events as well as crude oil movements, both of which are likely to drive the rupee’s direction in the short term.

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