Rupee Nears Record Low on High Oil Prices and US Yields
The rupee neared a record low as oil prices rose above 100 dollars. State-run banks sold dollars to cushion the slide while India hiked retail fuel prices.
The India rupee fell 0.2% to 95.94 on Friday, May 15, approaching a record low as oil prices climbed above $100 per barrel. The currency is on track for a weekly decline exceeding 1%, though dollar sales by state-run banks limited further losses. Persistent energy costs and rising U.S. yields continue to strain the rupee's stability against the dollar.
### Oil and Yields Pressure the Rupee Brent Crude Oil rose more than 1% to $107 per barrel during the Friday session. Prices climbed after United States President Donald Trump signaled diminishing patience regarding Iran. Traders said the fragile ceasefire between the two nations has failed to yield a deal, keeping energy markets on edge.
