Rupee slides to 95.96 per dollar as import demand and oil prices climb

The rupee fell 22 paise to 95.96 per dollar on Tuesday. Strong demand from importers pushed the currency lower. At the same time, crude oil prices rose, adding to the pressure. Global bond yields also climbed, making the rupee weaker against the dollar. Traders said the Reserve Bank of India stepped in through state‑owned banks to curb the fall. They noted the intervention was only suspected, not confirmed. US‑Iran tensions sparked concerns about higher inflation in India. Those concerns fed expectations of possible rate hikes by the central bank. The combined effect of importer demand, oil prices, bond yields and geopolitical worries drove the rupee to its latest level.