{
  "id": 6574826,
  "title": "Rupee drops 37 paise to close at a week low of 95.44/$ as oil bubbles on West Asia worries",
  "url": "https://urgent.news/2026/09/10/rupee-drops-37-paise-to-close-at-a-week-low-of-95-44-as-oil-bubbles",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-10T10:17:29.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/forex/rupee-drops-37-paise-to-close-at-a-week-low-of-9544-as-oil-bubbles-on-west-asia-worries/article71451155.ece"
  },
  "original_language": "en",
  "account": "India's rupee experienced its largest single-day decline in over a month on Thursday, plummeting 37 paise to close at 95.44 per dollar. The slide was driven by a combination of factors, including the surge in oil prices due to geopolitical tensions in the Middle East, heightened demand for the U.S. dollar, and corporate hedging activities. State-run banks, believed to be acting on behalf of the Reserve Bank of India, were observed selling dollars, though the scale of these sales had decreased compared to the previous week. The Reserve Bank of India had previously injected at least $8 billion into the market to stabilize the rupee, which had held above the 95-dollar mark thanks to these interventions. However, the central bank's efforts appeared to be waning in the face of the sharp 6% rise in oil prices this week. The central bank also resorted to dollar-rupee sell/buy swaps to reduce excess INR liquidity from the banking system, conducting such operations for two consecutive days on Thursday. Forward premiums surged, with the one-year annualized implied rate reaching 3.37%, the highest level since late May. Global currencies, with the exception of the euro, weakened, while the dollar index gained. The ECB's upcoming policy decision, alongside the Federal Reserve and Bank of Japan's upcoming announcements, was cited as contributing to the market's relative calm.",
  "summary": "State-run banks were spotted selling dollars, most likely on behalf of the Reserve Bank of India, traders said, while also noting that the scale of such dollar sales had mellowed compared to last week.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}