Rupee Extends Losses on Higher Oil
The Indian rupee weakened to around 95.9 per dollar, extending losses from the previous session as stalled US-Iran talks pushed oil prices higher, while rising US Treasury yields and a firmer dollar added to pressure on the currency. Brent crude climbed about 2.5% to around $107 a barrel after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, raising concerns over prolonged supply disruptions. The 10-year US Treasury yield also rose to 5.2%, its highest level in nearly two decades, amid stronger US economic data and growing expectations of another Fed rate hike. Meanwhile, RBI intervention near the 96-per-dollar level continued to cushion the rupee, with the central bank repeatedly stepping in to prevent a sustained break above the key level.
9 per dollar, extending losses from the previous session as stalled US-Iran talks pushed oil prices higher, while rising US Treasury yields and a firmer dollar added to pressure on the currency. 5% to around $107 a barrel after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the fighting, raising concerns over prolonged supply disruptions. 2%, its highest level in nearly two decades, amid stronger US economic data and growing expectations of another Fed rate hike.
Meanwhile, RBI intervention near the 96-per-dollar level continued to cushion the rupee, with the central bank repeatedly stepping in to prevent a sustained break above the key level.