NEW DELHI — The Indian rupee has come under renewed pressure after the Reserve Bank of India’s latest interest-rate decision and a sharp rise in global crude oil prices. The rupee weakened to around ₹96.78 against the US dollar on Thursday, moving closer to its record low.
The currency has already fallen about 7% against the dollar this year, while rising oil prices are adding to concerns because India depends heavily on imports to meet its crude oil requirements. Brent crude crossed $102 a barrel on Thursday amid growing disruption to shipping through the Strait of Hormuz.
Analysts said continued high oil prices could put further pressure on India’s currency and inflation. The RBI raised its benchmark repo rate by 25 basis points to 5.50% on Wednesday and shifted its policy stance to calibrated tightening.
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