Indian rupee falls on oil price jump and stock weakness
The Indian rupee closed lower at 95.7050 per dollar as rising Middle East tensions drove oil prices up nearly 3% and local equities faltered. Losses were capped by suspected central bank intervention and reports that India may cut taxes for foreign bond investors ahead of the RBI policy decision.
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The India rupee fell 0.46% to 95.7050 per dollar on June 3 as rising oil prices and equity weakness pressured the currency. The decline follows a 3% surge in energy costs triggered by escalating military hostilities in the Middle East. Investors are now pivoting to the upcoming central bank policy decision to gauge potential currency support measures.
