Rupee Slumps Against Dollar as Brent Crude Surges Past $102

The Indian rupee depreciated by 38 paise to close at 95.46 against the US dollar on Thursday, as Brent crude prices surged above $102 per barrel.

According to forex traders, the rupee is currently facing opposing forces, with downside pressure driven by a resumption of foreign portfolio outflows and crude oil trading above $102 per barrel.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said: 'The rupee has depreciated back towards 95.45, and it is important to understand that this is an oil-driven move rather than a dollar move.'