Rupee Near Record Low: Oil Shock Pushes India’s Currency Past 95 Against Dollar
The rupee slid beyond 95 per dollar on Monday as oil prices surged, following stalled U.S.-Iran peace talks. Traders pointed to likely dollar sales by state banks, trying to curb the rupee’s drop. Reuters pegged the currency at 95.1850 to the dollar, off 0.75%. Both Navbharat Times and Moneycontrol reported a fall to 95.17. India’s timing couldn’t have been worse. With oil prices climbing, importers scramble for more dollars, putting extra strain on the rupee. If those higher fuel costs get passed on, inflation picks up at home. Investors eye the current account—always a sensitive spot for countries that import much of their oil.
