Rupee Slips Below ₹95 as Strong Dollar Weighs on Markets

The Indian rupee (₹) closed lower by 11 paise to ₹95.55 against the US dollar on Thursday, weighed down by a strong American currency and weak domestic markets.

Forex traders pointed out that the broad strength of the greenback in overseas markets offset the support from easing crude oil prices.

Brent prices fell below $90 for the first time in several sessions due to ongoing discussions between Iran and Oman regarding a temporary shipping corridor through the Strait of Hormuz.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, emphasized that the rupee's appreciation potential remains largely unspent, thanks to total inflows of nearly $73 billion under special swap facilities as of August 21.