The rupee weakened to 95.9825 against the US dollar, down 0.2%, as a surge in crude oil prices, firmer US bond yields and a sharp sell-off in domestic equities combined to undermine sentiment. Traders said the Reserve Bank of India likely stepped in to slow the decline, but persistent concerns over inflation and India’s heavy oil import bill kept the currency under pressure.
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"Rupee Slips Toward 96 as Crude, Yields and Equity Rout Pressure Currency"
The rupee weakened to 95.9825 against the US dollar, down 0.2%, as a surge in crude oil prices, firmer US bond yields and a sharp sell-off in domestic equities combined to undermine sentiment. Traders said the Reserve Bank of India likely stepped in to slow the decline, but persistent concerns over inflation and India’s heavy oil import bill kept the currency under pressure.
Rupee Slips Toward 96 as Crude, Yields and Equity Rout Pressure Currency
R
RDU Global Wire
Macro Economy & Fiscal Policy Desk
New Delhi, India Just now (09:22 PM IST)•5 min read
The rupee weakened to 95.9825 against the US dollar, down 0.2%, as a surge in crude oil prices, firmer US bond yields and a sharp sell-off in domestic equities combined to undermine sentiment. Traders said the Reserve Bank of India likely stepped in to slow the decline, but persistent concerns over inflation and India’s heavy oil import bill kept the currency under pressure.
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