Indian Rupee Snaps Eight-Day Rally as Brent Crude Hits Four-Month High
Indian rupee ends eight-session winning streak, dropping 0.4% against the dollar as Brent crude prices climb to their highest level since May amid conflict.
POLICY WIRE — Mumbai, India — The Indian rupee halted an eight-session winning streak on Thursday, weighed down by surging global oil prices and widespread declines in worldwide equities driven by escalating Middle East conflict concerns.
During a turbulent trading session in Mumbai, the South Asian currency fluctuated wildly after touching its strongest level in over six weeks before ultimately settling 0.4% lower at 94.8175 per dollar.
Market pressure mounted as Brent crude climbed to $112.40 a barrel, marking its highest price point since May as deepening geopolitical tensions rippled across international financial markets.
Prior to Thursday’s reversal, the eight-day advance represented the rupee’s longest uninterrupted winning streak in nearly eight years, dating back to December 2018.
Throughout that previous eight-session run, the domestic unit appreciated by a combined 2.45 per cent, touching 94.47 per dollar to reach its highest level since June 25 compared to a prior close of 94.93.
Reporting by Policy-Wire (PW)
