Rupee Plummets 27 Paise Amid Oil Price Surge

The Indian rupee continued its downward trend on Friday, falling by 27 paise to 95.79 against the US dollar in early trade.

This depreciation was driven by elevated crude oil prices and foreign portfolio outflows, which have been weighing heavily on India's import bill.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, stated that 'the pressure continues' for the rupee, with 95 acting as support and a potential target of 96 in sight.

Banerjee noted that while record foreign exchange reserves, active RBI intervention, and robust domestic growth provide crucial support to the rupee, rising global yields and crude oil prices above $108 are dominant forces in the near term.