Indian rupee supported by state banks as oil prices rise
The rupee fell to 94.5325 as oil prices rose amid Middle East tensions. State-run banks sold dollars to limit losses while markets await U.S. payrolls data.
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India's rupee fell 0.3% to 94.5325 per dollar as rising oil prices and Middle East tensions pressured the currency. The decline follows a record low of 95.4325 reached earlier in the week, before state-run lenders intervened with dollar sales. Oil price swings will likely drive the rupee in the near term.
