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Indian rupee ends nearly flat as traders remain glued to oil moves, RBI caps fall
MUMBAI: The Indian rupee closed nearly unchanged on Tuesday after hitting a two-month low earlier in the session as crude oil prices continued to dictate the currency’s momentum while likely central bank intervention limited weakness. The Indian rupee had declined 0.2% to 96.1475 in early trading but trimmed losses to close nearly flat at 95.98 as Brent oil prices turned lower on the day, after touching a peak of nearly $108 per barrel. India imports nearly 90% of its crude requirements, making the rupee one of the world’s most vulnerable currencies to the Middle East oil shock. Dollar sales b...
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