Rupee May Fall Amid Oil Price Surge and Fed Interest Rate Bets

The Indian rupee may open lower on Friday due to rising crude oil prices and the potential for higher interest rates from the US Federal Reserve.

Brent crude jumped about 4% on Thursday and added another 1% in Asian trading, climbing to near $84 a barrel amid renewed concerns over access to the Strait of Hormuz.

The Reserve Bank of India's policy actions and direct market intervention have played a key role in determining the currency's trajectory.

Currency traders said that the rupee's direction will depend on the extent of RBI support, as oil-related risks return to focus.