Rupee Shows Minor Fluctuations Amid Elevated Oil Prices and Geopolitical Tensions

The Indian rupee showed minor fluctuations against the US dollar amid ongoing geopolitical tensions involving the US, Israel, and Iran, with crude oil prices remaining elevated above $100 per barrel. The rupee opened slightly stronger at 92.42 but also recorded losses near 92.43, influenced by foreign fund withdrawals and volatile equity markets. The Reserve Bank of India intervened in forex markets, leading to a decline in foreign exchange reserves to $716.81 billion. Traders anticipate the rupee may weaken further toward 93 if oil prices persist at high levels.