Rupee falls 0.4% to 95.96 against dollar, sharpest single-day drop in two months

The Indian rupee fell 0.4% against the US dollar on Tuesday, logging its sharpest single-day decline in two months as rising oil prices and expectations of higher US interest rates weighed on the currency.The rupee closed at 95.96 per US dollar, compared with 95.55 in the previous session, according to Reuters. The currency had touched a more than one-month low during the session.The decline came as most Asian currencies also weakened, while higher crude prices raised concerns over India’s import bill and inflation.Oil prices add pressureBrent crude rose nearly 2% to around $107.70 a barrel after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West oil pipeline offline and raised concerns over efforts to ease shipping risks in the Gulf.Oil prices have climbed nearly 20% so far this month, increasing pressure on energy-importing economies such as India.The rise in crude has also fuelled concerns over inflation, while expectations of…