MUMBAI: The rupee dropped 0.6% against the US dollar to 95.56, hitting its weakest level in nearly a month and falling 59 paise from Tuesday’s 94.97, as rising crude oil prices weighed on Asian currencies after Trump’s comments that the deal to end the Iran war is over.“Geopolitical concerns have lifted the risk premium amid heightened volatility. In the near term, USDINR is expected to face resistance at 95.8 and support at 94.95, with the bias now favouring dollar bulls,” said Dilip Parmar, analyst at HDFC Securities.At the interbank foreign exchange market, the rupee opened at 95.15 against the US dollar and traded in the range of 94.98-95.61 during the day. In the bond market, the 6.94% 2036 bond yield settled at 6.76%, up 6.8 basis points, marking its sharpest rise since April 2. Bond yields move inversely to prices.On Tuesday, the rupee appreciated 47 paise to close at 94.97 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.13, up 0.11%.
