Rupee Tumbles to 95.56 Amid Oil Price Surge and Fed Rate Hike Fears

The Indian rupee has fallen to 95.56 against the US dollar due to rising crude oil prices and increased probability of a Fed rate hike, causing pressure on investor sentiments.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, the rupee is expected to be in the range of 95.25 to 95.75 with exporters selling near 95.60 levels and importers buying dips.

The Reserve Bank of India (RBI) has intervened in the market to stem significant rupee depreciation, while better-than-expected flows under the FCNR(B) scheme have boosted investor sentiments.