Indian Rupee Set to Extend Losses on Oil Rally
The Indian rupee faces further declines as surging oil prices and rising US Treasury yields undermine recent central bank support. Brent crude advanced toward 110 dollars a barrel amid escalating Middle East tensions, compounding economic pressures on import dependent India.
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India's currency is set to slide toward 95.68 per dollar on Friday following a 1% drop over the past three sessions. The decline threatens to erase gains engineered by the Reserve Bank of India. Surging energy costs and rising global yields are overwhelming central bank intervention.
