Rupee Slides to 95.18 per Dollar as Oil Prices Rise

The Indian rupee fell to 95.18 per US dollar on Monday, slipping from its previous close of 94.94. Rising oil prices kept pressure on the currency. Importer demand for dollars stayed strong even as hedging costs rose in the market. The Reserve Bank of India has taken steps to steady the rupee but has been less active in direct intervention. With limited foreign inflows, the rupee faces headwinds while oil prices stay high. Traders expected the rupee to move in a narrow band of 95 to 95.## Context Oil imports account for a large share of India's foreign‑exchange outflow, so higher crude prices typically weaken the rupee. Limited foreign capital inflows can further limit the currency’s ability to offset that pressure.