Rupee Tumbles as Brent Crude Surpasses $100 Mark

The Indian rupee continued its downward trend on Thursday, depreciating by 25 paise to touch 95.33 against the US dollar in early trade. The decline was attributed to Brent crude prices crossing the USD 100 mark, increasing concerns over India's import bill.

Elevated crude oil prices and persistent dollar demand weighed heavily on investor sentiments. At the interbank foreign exchange market, the rupee opened at 95.15 against the US dollar before losing ground to touch 95.33 against the American currency, registering a loss of 25 paise from its previous close.

Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, stated that the rupee's move beyond the psychologically important 95 level triggered additional dollar demand and stop-loss activity. However, RBI intervention contained the decline.