Indian rupee opens at ₹96.49 as Brent tops $96
The rupee opened a bit stronger at 96.49 against the US dollar on Thursday, up by eight paise from yesterday.
This small gain comes after weeks of pressure, despite rising oil prices and fresh tensions in West Asia: Brent crude just crossed $96 a barrel after US strikes on Iran-linked targets and threats from Yemen's Houthis to disrupt Saudi oil shipments.
RBI intervenes as oil pressures rupee
Since India imports over 80% of its crude oil, higher prices mean more dollars leaving the country, which puts extra stress on the rupee.
The Reserve Bank of India has been stepping in to keep things stable, but analysts warn that if oil climbs closer to $100 or tensions escalate further, the rupee could face even more pressure.
For now, it's a wait-and-watch situation as global events unfold.