Rupee Slumps as Crude Prices Surpass $102

The Indian rupee depreciated significantly against the US dollar on Thursday, closing at a provisional rate of 95.46, down by 38 paise from its previous close.

This decline is attributed to Brent crude oil prices breaching the $102 threshold, which has raised concerns about India's import cost trajectory.

Forex traders point out that the rupee is currently facing opposing forces, with downside pressure driven by a resumption of foreign portfolio outflows following positive flows in July and August. Additionally, crude oil trading above $102 per barrel has contributed to the depreciation.