Rupee weakens against US dollar in early trade on Tuesday
The partially convertible currency is currently trading at 93.38, weaker by 22 paise from its previous close of 93.16 on Monday
The Indian rupee weakened against the US dollar in early trade on Tuesday as crude prices remained volatile due to persistent worries over disruptions of supplies of oil from the Persian Gulf if Iran continues to block tankers from exiting the Strait of Hormuz. Adding to the uncertainty, the current two-week ceasefire agreement between the United States and Iran is scheduled to expire this Wednesday, April 22. Rupee fell further as the Reserve Bank partially withdrew several restrictive directives it had issued on April 1 to combat excessive speculation in the rupee.
The partially convertible currency is currently trading at 93.38, weaker by 22 paise from its previous close of 93.16 on Monday. The currency touched a high and low of 93.4125 and 93.25 respectively.
