Commodities
Rupee Falls to Two-Month Low Amid Crude Oil Price Surge
The Indian rupee fell to a two-month low on Thursday, closing at 96.31 against the US dollar.
Several factors contributed to this decline, including high crude oil prices, surging global bond yields, and selling pressure from foreign investors.
Elevated crude oil prices are a significant concern for India, which is a net oil importer. Higher prices widen the country's import bill and current account deficit, mounting inflationary pressures.
The Reserve Bank of India (RBI) reportedly carried out dollar sales to help curb the currency's fall.