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Indian rupee depreciates against dollar amid surge in crude oil prices

13 Jul 2026 Evaluate

Indian rupee depreciated against the US dollar on Monday, amid heightened geopolitical tensions in West Asia. Renewed drone and missile strike between the US and Iran prompted supply concerns and pushed crude oil prices higher, which weighted down on the local unit. Meanwhile, Iran announced closure of Strait of Hormuz. Traders were concerned as the government data showed that India's retail inflation, measured by the Consumer Price Index (CPI), rose to 4.38 per cent in June from 3.93 per cent in May, driven by higher food prices. Some cautiousness also came as the commerce department data showed that India's trade deficit widened to a five-month high of $30.43 billion in June. India's trade deficit was $19.10 billion in June 2025. On the global front, the Euro traded lower against the U.S. Dollar as the Greenback starts the week stronger, supported by renewed demand for safe-haven assets.

Finally, the rupee ended at 95.70 (Provisional), depreciated by 32 paise from its previous close of 95.38 on Friday . The currency touched a high and low of 95.86 and 95.58 respectively.

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