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Indian Rupee declines against US dollar amid rising crude oil prices

The Indian rupee fell against the US dollar on Monday, closing at 95.28 in the interbank foreign exchange market. The currency opened at 95.18 and traded within a narrow range throughout the day. Market analysts attributed the decline to a stronger US dollar and rising global crude oil prices, compounded by geopolitical tensions in West Asia. Despite these pressures, the rupee received support from foreign institutional investor inflows and the country's robust foreign exchange reserves, which helped limit a sharper depreciation.

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Indian rupee banknote lot close-up photography
File photo: rupixen / Unsplash License, via Unsplash

What Happened

The Indian rupee experienced a decline of 11 paise on Monday, settling at a provisional rate of 95.28 against the US dollar. Trading activity at the interbank foreign exchange market saw the currency open at 95.18 before fluctuating within a range of 95.18 to 95.31. This movement followed a previous session where the rupee had closed at 95.17.

The depreciation was primarily driven by a strengthening US dollar and an increase in global crude oil prices, with Brent crude rising above 84 dollars. Geopolitical uncertainty in West Asia further contributed to the downward pressure on the local unit. Conversely, the impact was mitigated by consistent inflows from foreign institutional investors and the strength of India's foreign exchange reserves, which provided market stability.

Background

The Reserve Bank of India manages the country's foreign exchange reserves to maintain stability in the external sector and support the rupee against excessive volatility.

Standing context, compiled from public reference sources rather than from the coverage above.

SourcesReserve Bank of India functions

Key Facts

  1. The rupee closed at 95.28 against the US dollar on Monday.
  2. The currency opened the trading session at 95.18.
  3. The decline was attributed to rising global crude oil prices and a stronger US dollar.
  4. Foreign institutional investor inflows provided support to the currency.
  5. Geopolitical tensions in West Asia were cited as a factor influencing the market.

The Timeline4

Every article on this story, in the order it was filed. We do not rank the outlets.

  1. 10 Aug

    1. DHDeccan Herald
      Rupee falls 8 paise to 95.25 against US dollar in early trade
    2. TOIThe Times of India
      Rupee slips 8 paise against US dollar as crude prices rise amid Middle East chaos
    3. DHDeccan Herald
      Rupee falls 11 paise to close at 95.28 against US dollar on firm crude oil prices
    4. HiThe Hindu
      Rupee falls 11 paise to close at 95.28 against U.S. dollar on firm crude oil prices

Where This Is Being CoveredEnglish

Languages

Newsrooms carrying this story, by publication language.

  • English3 outlets

Regional reach

States where a local newsroom is carrying this. National mastheads and wire agencies circulate everywhere and are counted separately, not drawn on the map.

Jammu & Kashmir: No local newsroomLadakh: No local newsroomPunjab: No local newsroomChandigarh: No local newsroomHimachal Pradesh: No local newsroomUttarakhand: No local newsroomHaryana: No local newsroomDelhi NCR: No local newsroomUttar Pradesh: No local newsroomRajasthan: No local newsroomGujarat: No local newsroomDadra & Nagar Haveli and Daman & Diu: No local newsroomMaharashtra: No local newsroomGoa: No local newsroomMadhya Pradesh: No local newsroomChhattisgarh: No local newsroomBihar: No local newsroomJharkhand: No local newsroomWest Bengal: No local newsroomOdisha: No local newsroomSikkim: No local newsroomArunachal Pradesh: No local newsroomAssam: No local newsroomNagaland: No local newsroomMeghalaya: No local newsroomManipur: No local newsroomTripura: No local newsroomMizoram: No local newsroomTelangana: No local newsroomKarnataka: Deccan HeraldAndhra Pradesh: No local newsroomKerala: No local newsroomTamil Nadu: No local newsroomPuducherry: No local newsroomLakshadweep: No local newsroomAndaman & Nicobar: No local newsroom
  • No local newsroom
  • 1 outlet
  • 2 or more

1 state with local coverage. Spread across the country, with no regional concentration. Also carried by 2 national mastheads.

About This Analysis

One summary, built from every source. No single newsroom's voice.

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Key facts

Paksh: the sides a story is told from. 3 newsrooms filed on this one, and every filing is listed above.

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