Indian rupee at ₹96.05 as oil, US yields rise
The Indian rupee dropped to ₹96.05 per US dollar on Tuesday, September 29, sliding from the previous trading session's ₹95.99.
This dip comes as global oil prices shot above $100 a barrel and the benchmark 10-year US yield climbed to 5.2%, hovering near a two-decade high, making things tougher for the rupee.
Amit Pabari warns of rupee resistance
Tensions between the US and Iran have pushed Brent crude up to $105 a barrel, while the benchmark 10-year US yield climbed to 5.2%, stoking fears of higher inflation.
Even with the Reserve Bank of India stepping in to steady things, the rupee is still feeling the heat from these global pressures.
According to Amit Pabari, managing director at CR Forex Advisors, don't expect a big bounce back soon: the rupee will likely face resistance around ₹96.10 to 96.20 for now.