Rupee hits two-month low, breaches 96/USD mark as oil worries deepen

The Indian rupee fell past the 96 per dollar mark on Tuesday to touch a two-month low as oil prices continued to climb, deepening investor worries about the impact on the net energy-importing economy.

The rupee declined to 96.1450 per dollar, down nearly 0.2% on the day.

Brent crude oil prices rose over 1.5% to $107 per barrel as concerns over Middle East energy supply disruptions driven by the US-Iran conflict outweighed signs of recovering crude exports from the region.


Rising oil prices have also pressured Indian equities and bonds, with foreign investors pulling out $3.7 billion so far in September, deepening pressure on the rupee.