Rupee Slips Below 95.75 as Crude Prices and Importer Demand Weigh

The Indian rupee slipped to 95.74 against the US dollar on Tuesday, weighed down by higher crude prices and increased demand from importers.

Forex traders noted that the currency's movement was being contained by continued intervention from the Reserve Bank of India through state-run banks.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said that the rupee remains firmly range-bound around ₹95.50-96.00, with oil prices and RBI intervention likely to remain key drivers in the near term.

The dollar index was up 0.04 per cent at 99.04, supported by safe-haven demand following the US escalation of sanctions on Iran, but expectations around Treasury bond buybacks continued to weigh on the dollar.