The Indian rupee depreciated by 8 paise to 95.78 against the US dollar in early Wednesday trade, pressured by a surge in crude oil prices following fresh US military strikes that dimmed hopes of a near-term US-Iran peace agreement.
According to forex market experts, escalating tensions between the US and Iran have increased demand for the dollar as a safe-haven asset. Meanwhile, Brent crude continued to trade firm near the USD 98 mark amid growing geopolitical uncertainty and heightened conflict concerns in West Asia.