Rupee falls as oil prices approach 100 dollars per barrel
The Indian rupee weakened to 95.7675 per dollar on Wednesday as crude oil prices neared 100 dollars amid geopolitical tensions. State-run banks intervened with dollar sales to limit losses while forward premiums dropped ahead of the central bank policy meeting on June 5.
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The India rupee was at 95.7675 per dollar on May 27 as state-run banks sold dollars to prevent steeper losses. Oil prices near $100 per barrel are pressuring the currency of the energy-importing nation. For investors, the rupee's stability now hinges on central bank intervention and the volatility of Middle East energy supplies.
