Rupee Slides to 95.68 per Dollar as Oil Tops $90 and US Yields Rise
Updated
Updated · TradingView · Aug 18
Rupee Slides to 95.68 per Dollar as Oil Tops $90 and US Yields Rise
3 articles · Updated · TradingView · Aug 18
Summary
95.68 per dollar marked the rupee’s weakest level in nearly three weeks on Tuesday, after it opened at 95.66 versus Monday’s 95.60 close.
Brent crude above $90 a barrel and a jump in US Treasury yields — with the 30-year at a more than two-decade high — increased pressure on the import-dependent currency.
The rupee was already weakening after the RBI moved up the deadline for its foreign-currency deposit swap facility for non-resident Indians to Aug. 31, helping push it past 95.50 on Monday.
State-run banks were seen offering dollars for an eighth straight session, in what traders said was likely RBI intervention, but elevated oil prices and rising US yields still leave the rupee vulnerable.