Rupee Hits One-Week Low as Oil Prices Surge, RBI Caps Fall
The Indian rupee fell to its lowest level in over a week on Monday due to rising oil prices and increasing geopolitical tensions. This caused bond yields to rise and regional stock markets to decline. State-run banks, likely guided by the Reserve Bank of India, sold dollars to prevent further depreciation of the rupee, stabilizing its value near 96 per USD.
ET Markets·4h ago