The Indian rupee weakened to a new all-time low for the third straight day as crude oil prices surged and dollar demand rose. Even with steps aimed at cutting gold imports, the currency slid sharply, reflecting broad pressure on FX markets. Traders expect more volatility, with the Reserve Bank of India likely to intervene to limit further losses.
The Indian rupee slid past 95 per dollar, recording its steepest annual fall in 14 years. After a brief early recovery, strong dollar demand from oil companies and importers drove the currency to fresh lows, while RBI intervention helped it end at about 94. The pressure has been especially heavy over the past month.
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The Indian rupee closed nearly unchanged on Wednesday, stuck between two opposing forces. A retreat in crude oil prices offered mild support, but steady dollar demand from local importers, including oil marketing companies, offset the boost. With importer bids continuing to absorb gains, the currency ended flat despite the softer energy price backdrop.
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