Rupee Tumbles Against Dollar Amid Oil Price Rise

The Indian rupee opened lower against the US dollar on September 24 due to renewed rise in oil prices and a stronger dollar. The rupee started at 95.83 per dollar, 9 paise lower than its previous close of 95.74.

This comes as US yields rose to 5.13% and the dollar index reached 101.14. According to Finrex, the RBI is protecting the rupee's downside around the 96.00 levels.

RBI Deputy Governor Poonam Gupta has stated that the Rupee 'has a fair case to appreciate.'

However, S&P, Fitch, ADB, and Moody’s have raised India’s FY-27 GDP growth forecast, citing stronger-than-expected economic activity and resilient domestic demand.