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Commodities

Rupee's Gains Reversed Amid Crude Oil Price Surge

Guavy AI Editorial Team
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Oil
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The Indian rupee's gains in early September, fueled by FCNR (B) deposits, were short-lived as crude oil prices rose.

Crude oil prices have remained a key concern for financial markets since late February, when the US and Israel launched joint strikes on Iran, disrupting shipping through the Strait of Hormuz and affecting oil supplies.

Brent crude prices rose above $100 a barrel after leaders from Tehran and Washington exchanged barbs at the UN General Assembly, adding to inflationary pressures.

The RBI said inflows through schemes aimed at bolstering the rupee topped $143.5 billion as of 18 September, with FCNR(B) deposits accounting for nearly $133 billion.

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