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.
Xurve View
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Xurve View
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.
