RBI's Relief Fails to Stick as Crude Oil Prices Keep Rupee on Edge

The Indian Rupee remains under pressure despite repeated intervention by the Reserve Bank of India (RBI), which has failed to stabilize the currency.

Higher crude oil prices, continued geopolitical tensions in the Middle East, and persistent foreign fund outflows are the main factors keeping the Rupee close to its all-time low of 96.9650 per US Dollar.

The RBI has been selling US Dollars in both offshore and onshore currency markets but market participants believe these actions only slow down the Rupee's decline rather than reversing it.

According to technical observations, Brent crude has recovered from nearly $70 per barrel in late June and has filled its two major downside price gaps created earlier in June.