Rupee breaches 96 against dollar as crude prices rise

Indian rupee breached 96 per US dollar on Tuesday after RBI's forex boost effects faded.

Rising crude oil prices due to renewed US-Iran tensions are putting pressure on the rupee.

Rupee ended Monday at 95.62, its weakest closing since June 8, and fell 48 paise on Tuesday.

One-month forward premium on the rupee was 3.17% and one-year forward premium was 2.83% on Monday.

Traders expect near-term range for rupee to shift to weaker levels around 96 per dollar.