Rupee drops over 1 percent on rising oil prices
The Indian rupee fell over one percent this week due to rising oil prices. Central bank intervention helped limit further losses. Markets now await U.S. inflation data.
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The Indian rupee fell 0.1% to end at 95.55 on Friday, marking a 1.1% weekly drop driven by soaring oil prices in India. It is the currency's sharpest weekly decline in four months. Higher energy costs and rising global bond yields have erased gains from an early-September rally.
