Rupee Tumbles Against Dollar Amid High Crude Prices

The Indian rupee has fallen 27 paise against the US dollar on Friday, extending its decline due to high crude oil prices and foreign portfolio outflows.

The currency touched 95.79 in early trading before weakening further, marking a 27-paise fall from its previous close of 95.52.

Anindya Banerjee, head of commodity and currency research at Kotak Securities, said the rupee is facing pressure due to costly oil and foreign portfolio outflows, and that it could see a target of 96 with 95 now acting as support.

The Reserve Bank's active presence in the market and domestic growth are providing some support to the rupee, but rising global yields and crude prices above $108 per barrel are adding pressure on India's import bill.