Rupee Hits Two-Week Low as Oil Prices Top 100 Dollars

The Indian rupee experienced its most significant decline in two weeks on Monday as global energy prices surged and previous support from banking sector adjustments faded. The currency closed at 93.3750 against the U.S. dollar, a 0.7% drop that represents the sharpest one-day fall since late March. This volatility comes as the market moves past an April 10 deadline for banks to lower their net open rupee positions, a measure previously implemented by the central bank to stabilize the currency.