Indian rupee weakens to 95.9 per dollar as oil prices rise

  • Indian rupee weakened to around 95.9 per dollar.
  • Brent crude climbed about 2.5% to around $107 a barrel.
  • RBI intervention near 96 per dollar continued to cushion the currency.

The Indian rupee weakened to around 95.9 per dollar, extending losses from the previous session as stalled US-Iran talks lifted oil prices. Brent crude rose about 2.5% to around $107 a barrel after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, increasing concerns about prolonged supply disruptions. The currency also faced pressure from a stronger dollar and the 10-year US Treasury yield rising to 5.2%, its highest level in nearly two decades, amid stronger US economic data and growing expectations of another Federal Reserve rate hike. Reserve Bank of India intervention near 96 per dollar continued to cushion the rupee, with the central bank repeatedly stepping in to prevent a sustained break above that level.

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Indian rupee weakens to 95.9 per dollar as oil prices rise - CoinPost Terminal