Indian Rupee Declines to 94.28 Amid High Oil Prices
The Indian rupee fell 0.2 percent on Friday as crude oil prices remained above 100 dollars per barrel. State-run banks intervened to cushion the currency's slide.
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The Indian rupee faced downward pressure on Friday, aligning with a broader decline among Asian currencies as geopolitical tensions in the Middle East fueled market instability. In India, the domestic currency slipped 0.2% to 94.2850 during late morning trade, marking a fifth consecutive day of losses. This recent slump has been largely driven by a sharp surge in energy costs, with prices for Brent Crude Oil and West Texas Oil remaining elevated above the $100 per barrel threshold.
