Cheaper oil, RBI support fail to lift rupee amid dollar demand

July 3, 2026

The Indian rupee weakened to 95.39 against the dollar on Thursday, despite lower oil prices and central bank support. Demand from foreign banks, oil firms, and investor outflows pressured the currency. Traders noted Reserve Bank of India intervention, particularly in the morning, and offshore dollar sales. This marks a 0.45% depreciation for the rupee this financial year.

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