Rupee weakens to 95.33 as crude prices rise
The rupee weakened 25 paise to 95.33 against the US dollar on Thursday as elevated crude oil prices increased concern over India’s import bill and kept demand for dollars firm. The currency came under pressure after Brent crude held above $100 a barrel amid continuing tensions in West Asia, reinforcing worries about higher energy costs for a country that imports more than three-quarters of its…
India's rupee slipped 25 paise to trade at 95.33 against the US dollar on Thursday, amid rising crude oil prices that heightened worries about the country's import bill and dollar demand. Brent crude oil remained above $100 a barrel, driven by tensions in West Asia, which kept the dollar in demand from oil importers, corporate debt repayments, and hedging activities.
State banks supplied dollars during the session, likely as the Reserve Bank of India aimed to curb excessive forex market volatility. The currency experienced its weakest performance in two sessions, with traders linking the decline to the impact of higher oil costs on India's trade deficit, inflation, and economic growth. Despite a slight recovery in the stock market, investors remained cautious about the long-term effects of elevated crude prices on the rupee's value and the broader economic outlook.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
