Rupee slips near one month low as oil prices and importer hedging squeeze demand

Importers are hedging heavily as oil keeps climbing

The Indian rupee slid to a near one-month low as oil prices stayed firm and local importers maintained heavy hedging against further weakness. With the currency approaching the 95 per dollar level, the pressure reflects growing market unease about the rupee’s near-term outlook as energy costs and hedging demand continue to weigh on sentiment.