Indian Rupee Declines Against Dollar; RBI Intervention Anticipated

The Indian rupee weakened past ₹96 per dollar, falling to ₹96.05, driven by rising U.S. Treasury yields, elevated crude oil prices, and hawkish Federal Reserve expectations. Market participants foresee increased intervention by the Reserve Bank of India to curb further depreciation, continuing its recent efforts in the currency market. This impacts India's import costs and inflation outlook.