Indian rupee falls as crude oil prices cross 112 dollars

The Indian rupee fell on Thursday for the first time in eight trading sessions. Higher crude oil prices pushed the currency down even though foreign money came in for the Jio Platforms initial public offering. Brent crude oil prices rose to more than 112 dollars for each barrel.

Market Outlook

Currency traders expect the rupee to trade between 94.50 and 95.25 on Friday. The Reserve Bank of India might step in to control the rate near the level of 95 per dollar.

Context

Crude oil is one of India's biggest imports, meaning higher global oil prices typically increase demand for foreign currency and put downward pressure on the rupee. Central banks often monitor foreign exchange markets and may step in when rapid currency swings occur.