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fxJun 11, 2026, 5:03 AM

Indian Rupee Slumps as Oil Surges on US-Iran Ceasefire Fears

The Indian Rupee weakened against the US Dollar on Thursday as oil prices surged on fears the US-Iran ceasefire could collapse, with USD/INR rising to near 95.65.

USDINR

The Indian Rupee (INR) opened lower against the US Dollar (USD) on Thursday, with the USD/INR pair climbing to around 95.65. The move comes as crude oil prices staged a sharp recovery amid escalating concerns that the ceasefire between the United States and Iran may fall apart.

A potential collapse of the truce has reignited supply risk premiums in oil markets, weighing on the rupee due to India's heavy reliance on imported crude. The weakening of the local currency reflects heightened anxiety over the country's trade balance and inflation outlook.

Source: FXStreet Forex News