The Indian rupee came under pressure from rising global crude oil prices and uncertainty surrounding international interest rates. According to Reuters, traders said the Reserve Bank of India (RBI) was likely intervening in the foreign-exchange market to support the currency. The rupee gained around 0.1% to ₹95.8725 per US dollar after reaching a one-month low in the previous session. Higher oil prices are important for India because the country imports a large share of its crude requirements. Movements in the rupee can therefore affect import costs, inflation and businesses that depend on overseas goods and services
ADVERTISEMENT
