Rupee Hits 10-Paise Dip to 94.66 Amid Crude Price Surge

The Indian rupee depreciated by 10 paise to 94.66 against the US dollar in early trade on Tuesday, as rising Brent crude prices near USD 97/bbl and Middle Eastern geopolitical tensions weighed on investor confidence.

Forex traders pointed out that ongoing RBI dollar sales and strong foreign-currency inflows under special schemes helped keep the rupee range-bound despite heavy external pressures.

At the interbank foreign exchange market, the rupee opened at 94.49 against the US dollar before touching 94.66, marking a decline of 10 paise from its previous close on Monday.

Anil Kumar Bhansali, Head of Treasury and Executive Director of Finrex Treasury Advisors LLP, noted that the RBI's intervention has been crucial in preventing higher oil prices from translating into a weaker rupee.