Rupee Slumps for Sixth Straight Session as Oil Prices Soar

The Indian rupee weakened for the sixth consecutive session on Tuesday, closing at 95.88 against the US dollar.

This decline was largely due to escalating tensions in the Middle East and rising Brent crude oil prices, which reached USD 108 per barrel.

Forex traders pointed out that increased demand for the dollar from oil importers has raised concerns over India's external trade balance and inflation.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted that the rupee may continue to trade with a negative bias due to global risk-off sentiments and rising treasury yields.

He also mentioned that any intervention by the Reserve Bank of India (RBI) could support the rupee at lower levels.