Rupee nearly touches 96 per dollar as outflows oil inflation and intervention collide

A close at 95.76 comes after a record 95.96 low

The Indian rupee hovered near 96 per US dollar in a volatile Thursday session driven by persistent foreign fund outflows, oil-fueled inflation, and worsening balance of payments concerns. It hit a record intraday low of 95.96, then partially rebounded after reported central bank intervention via dollar sales. The rupee still closed weaker at 95.76, and dealers linked momentum to a Bloomberg report suggesting potential tax reductions for foreign investors in Indian bonds, which may impact longer-term inflows.