Rupee sees largest weekly drop since May
after close1 source ↓written by the desknot a recommendation
- this week
- 1%
- against the US
- ₹96.28
- in Brent crude
- 13% surge
The Indian rupee fell 1% this week, closing at ₹96.28 against the US dollar, marking its steepest decline since May. This drop was driven by a 13% surge in Brent crude oil prices amid rising geopolitical tensions, particularly between the US and Iran.
The rupee's decline was compounded by strong dollar demand from importers and continued foreign portfolio outflows. The Reserve Bank of India intervened to stabilize the currency, but the outlook remains challenging as concerns over the widening trade deficit persist.
Not investment advice. For informational purposes only.