Rupee Falls to 95.79 Against Dollar Amid Crude Oil Price Pressures

The Indian rupee depreciated by 27 paise to 95.79 against the US dollar in early trade on Friday, driven by elevated crude oil prices and foreign portfolio outflows.

Forex traders pointed out that while record foreign exchange reserves, active Reserve Bank intervention, and robust domestic growth provide crucial support, rising global yields and crude trading above $108 continue to weigh heavily on the country's import bill.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, noted that the rupee is in an uptrend beyond 95 due to costly oil and foreign portfolio outflows, and could see a target of 96 with 95 now acting as support.