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2026.11.1304:46:06UTC+00Rupee Retreats From Over 6-Month High

The Indian rupee weakened to around 94.15 per dollar, retreating from its highest levels in over six months as a rebound in crude oil prices renewed pressure on the currency. Brent crude advanced toward $96 per barrel after fresh attacks on Saudi energy infrastructure and disruptions to shipping through the Strait of Hormuz, rekindling concerns about India’s oil import bill and boosting demand for the US dollar.

At the same time, higher US Treasury yields lent additional support to the dollar, intensifying external pressure on the rupee by diminishing the relative appeal of emerging-market assets. Speculation is also growing that the Reserve Bank of India has been buying dollars to rebuild its foreign exchange reserves, while renewed spot-market demand from oil companies may be absorbing further dollar supply and constraining the rupee’s recovery, despite solid foreign equity inflows.

Even so, sustained foreign investment inflows continue to provide an important cushion against external financing pressures.

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