Rupee Rally Stalls on Oil Prices and Dollar Demand
The Indian rupee is expected to open lower near 95.30 as fresh U.S. strikes in Iran push Brent crude prices above 98 dollars per barrel. Local demand for dollars from importers and month-end contract maturities are likely to halt the currency's recent three-day winning streak.
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India's rupee is expected to open between 95.25 and 95.30, ending a three-day winning streak. The currency ended at 95.23 on Monday evening after hitting a record low of 96.96 last week. Renewed Middle East conflict and month-end importer demand threaten to halt the currency's recovery.
