← Latest news 
Rupee crosses 96 per dollar for first time then snaps back after RBI intervention as oil soars
Economy
Published on 16 May 2026
RBI steps in minutes before close at 96
The Indian rupee breached 96 per US dollar for the first time as crude prices neared $110 a barrel, then recovered to close at 95.96 after RBI intervention late in the session. Analysts link the fall to persistent external pressure from the Russia Ukraine and West Asia conflict-driven energy costs and a widening need for long-term dollar inflows. Policymakers are discussing measures to attract direct FX, including step-by-step actions over the next 2-3 months, plus recent import duty hikes on bullion.
- Rupee first crossed 96 per dollar at 96.14 intraday
- It recovered to close at 95.96, down 20 paise
- Crude oil prices nearing $110 a barrel intensified pressure
- Policymakers are exploring direct dollar inflow measures in 2-3 months
- Import duties on gold and silver were raised this week to curb bullion imports
- SBI warns further rupee weakness could offset fuel price hike benefits quickly
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times