Rupee opens flat at 95.55 against US dollar

The Indian rupee opened flat at 95.55 against the US dollar on Thursday, 9 July, as renewed hostilities between the US and Iran reignited concerns over a spike in crude oil prices.

Brent crude, after surging more than 8% over the previous two sessions, climbed another 1% during Asian trading after the US military launched fresh strikes on Iran, prompting retaliatory attacks by Iran on Kuwait and Bahrain.

The impact of rising crude prices on the rupee had eased in recent weeks, but the latest escalation in the Middle East has brought those concerns back into focus. For India, a major crude oil importer, higher oil prices could widen the current account deficit, stoke inflationary pressures, and weigh on economic growth.

Elevated crude prices could also dampen foreign portfolio inflows, which had only recently started to recover.

The renewed oil price rally has already unsettled Indian financial markets. The benchmark 10-year government bond yield jumped 7 basis points on Wednesday, marking its biggest single-session rise in more than three months, while the benchmark equity indices tumbled around 2%, recording their sharpest one-day decline in over three months.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Log in to our website to save your bookmarks. It'll just take a moment.

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.