Rupee Weakens Amid Rate Hike Expectations and Rising Oil Prices

The Indian rupee has weakened against the US dollar due to rising expectations of a Federal Reserve rate hike and increasing crude prices.

According to TradingView, the rupee's value dropped to around 95.5 per dollar after trading relatively flat in the previous week.

Markets have increased the probability of a September rate increase to nearly 60% following hawkish remarks from Fed Chair Kevin Warsh, which has strengthened the US dollar and pushed US Treasury yields higher.

Brent crude prices have also risen amid renewed tensions around the Strait of Hormuz, reaching $90 a barrel.