🇮🇳 Indian Rupee Update

🔹 Brent crude prices have crossed $100 per barrel, putting significant pressure on the Indian rupee and increasing the risk of a fresh record low.

🔹 The rupee may retest its all-time low of ₹96.96 per US dollar, recorded in May.

🔹 Brent crude has surged nearly 7% due to supply disruptions, including recent attacks by Yemen’s Houthi rebels on Saudi oil tankers.

🔹 Earlier, crude oil prices around $70 per barrel had supported the rupee and improved its near-term outlook.

🔹 As the world’s third-largest crude oil importer, India is highly sensitive to fluctuations in global oil prices, making the rupee vulnerable to rising energy costs.

🔹 The earlier decline in crude prices, along with the Reserve Bank of India’s (RBI) measures to encourage capital inflows, had provided support to the rupee.

🔹 The RBI continues to actively intervene in the foreign exchange market to curb excessive volatility and limit the rupee’s depreciation.

🔹 If pressure on the rupee persists, the RBI is expected to take additional measures to prevent the currency from falling to new record lows.