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Commodities

Indian Rupee Tumbles Amid Soaring Oil Prices

Guavy AI Editorial Team
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Oil
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The Indian Rupee (INR) has retreated from its two-month high against the US Dollar (USD), settling at around 94.68 due to rising oil prices.

The USD/INR pair recovered significantly, weighed down by the higher oil costs despite a softer tone in the US Dollar amid caution ahead of the Consumer Price Index (CPI) scheduled for Friday.

According to OCBC, the renewed rise in oil prices and increased US Treasury yields pose an unfavorable backdrop for many Asia ex-Japan currencies due to their dependence on energy imports, which could cap gains even if the broader USD remains contained.

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