Rupee Trades Narrowly Amid High Oil Prices
The Indian rupee held steady at 94.1650 on Monday as state-run banks sold dollars to offset rising crude costs. Ongoing U.S. and Iran tensions continue to weigh.
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The Indian rupee traded within a restricted range on Monday, caught between the opposing forces of rising energy costs and intervention by domestic financial institutions. As of mid-morning, the currency stood at 94.1650 per dollar, marking a slight recovery from its previous close of 94.2475. This marginal gain comes despite persistent pressure from importer hedging and the broader geopolitical instability affecting global markets.
