The Indian rupee slipped below the 96-per-dollar mark during Tuesday’s trading session, touching a two-month low amid pressure from elevated crude oil prices and global market cues.
According to provisional data, the rupee eventually recovered from its intraday low to settle at 95.98 per US dollar, down just one paisa from its previous close.
Currency markets remained sensitive to movements in crude oil, which have stayed elevated in recent sessions. Since India relies heavily on imported crude, higher oil prices can increase the country’s import bill and demand for US dollars, putting pressure on the rupee.
Analysts also pointed to global bond yields, dollar movements and geopolitical developments as factors influencing the currency. Brent crude futures were trading at $104.29 a barrel, down 0.94% at the latest check, after briefly moving above $108 on Monday.
Market participants are also watching developments around the Strait of Hormuz, where uncertainty has contributed to volatility in global oil markets.
On the technical front, analysts cited 96.30 as a resistance level for USD-INR, while support was seen around the 95.65–95.80 zone.
The rupee’s near-term movement is expected to remain sensitive to crude oil prices, global risk sentiment, foreign fund flows and upcoming signals from the Reserve Bank of India. The reported exchange-rate figures are based on provisional market data.
