Rupee faces pressure near 95.80 amid oil rally
The Indian rupee is expected to weaken toward the 95.80 support level against the dollar. Surging oil prices and rising U.S. yields continue to pressure the currency. Markets anticipate a Federal Reserve rate hike.
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India's rupee is poised to test support at 95.80 per dollar in Tuesday morning trade, pressured by a persistent oil rally and rising U.S. yields. The currency settled at 95.55 on Friday ahead of a public holiday shutdown on Monday. The Reserve Bank of India stepped in to defend the currency around 95.80 on Friday, matching similar intervention seen in mid-August.
