Indian Rupee Hits One-Week Low as Oil Prices Surge
The Indian rupee weakened to 95.7825 per dollar as Middle East hostilities pushed Brent crude higher. State-run banks likely intervened on behalf of the Reserve Bank of India to stabilize the currency ahead of Friday's policy decision.
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India's rupee fell 0.5% to 95.7825 per dollar on Wednesday as rising oil prices and local equity declines pressured the currency. The move marks a one-week low for the rupee, tracking broader weakness in Indonesia and the Philippines. Investors are now focused on whether the central bank will deploy specific measures to stabilize the exchange rate during its upcoming policy meeting.
