Rupee retreats to near two-week low as US-Iran standoff pushes oil higher
The Indian rupee fell to its lowest level in nearly two weeks, closing at 95.4350 per dollar, as rising oil prices fueled by the U.S.-Iran standoff dampened market sentiment. The Reserve Bank of India's intervention helped mitigate further losses, but concerns remain as India imports nearly 90% of its crude oil. Traders anticipate that if oil prices continue to rise, the rupee could approach 95.80 unless the RBI intervenes more aggressively.