Rupee Falls to 95.28 Amid Crude Oil Price Surge

The Indian rupee declined to 95.28 against the US dollar on Friday, August 7, as a surge in crude oil prices reignited pressure on the import-dependent currency.

The rupee's decline snapped a brief rebound from the previous session, when it had opened flat at 95.13 due to weakness in the greenback and easing expectations of a US Federal Reserve rate hike next month.

Brent crude's renewed climb weighed heavily on sentiment, traders said, as India imports more than 80% of its oil requirements, making the rupee sensitive to global energy price swings.

The rupee has rebounded nearly 1.7% from recent lows, but this recovery may be running out of steam, with dollar demand from importers and intraday speculative buying capping gains.