Rupee rises to 96.49 against US dollar, rising oil prices limit gains
The Indian Rupee saw a modest rise against the US dollar, though gains are being capped by surging global crude oil prices. Concerns over geopolitical tensions in the Middle East and potential supply disruptions continue to put downward pressure on the currency.
Why it matters
Fluctuations in the rupee and oil prices significantly impact India's import costs and overall macroeconomic stability.
Rupee began Thursday on a positive note, rising 0.1% against the US dollar. The currency opened at 96.49 against the greenback, compared with its previous close of 96.56, after ending the last session at its weakest level in more than two months.The modest recovery comes even as rupee continues to face pressure from rising crude oil prices. Traders expect the currency to remain under strain through the day, with the rupee seen moving in the 96.50-96.70 range.
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