Indian rupee drops to weakest level in over a month on oil worries - Reuters

Indian rupee drops to weakest level in over a month on oil worries | Reuters

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Indian rupee drops to weakest level in over a month on oil worries

By

Jaspreet Kalra

September 14, 2026

7:56 PM PDT

Updated 3 hours ago

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!A man walks past an Indian Rupee symbol installation at the RBI headquarters in Mumbai

Item 1 of 2 A man walks past an Indian Rupee symbol installation at the Reserve Bank of India (RBI) headquarters in Mumbai, India, August 5, 2026. REUTERS/Francis Mascarenhas/File Photo

**\[1/2]**A man walks past an Indian Rupee symbol installation at the Reserve Bank of India (RBI) headquarters in Mumbai, India, August 5, 2026. REUTERS/Francis Mascarenhas/File Photo Purchase LicensingRights , opens new tab

MUMBAI, Sept 15 (Reuters) - The Indian rupee touched a more than one-month low on Tuesday as worries over rising oil prices and ​higher prospects of a rate hike by the U.S. Federal Reserve ‌pressured the currency.

Likely dollar sales by the Reserve Bank of India, via state-run lenders, contained the South Asian unit's losses.

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The rupee was at 95.92 per dollar, down 0.4% on ​the day, as of 12:30 p.m. IST, tracking losses in most regional ​peers.

Brent crude oil prices rose nearly 2% to $107.7 per barrel ⁠after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West Pipeline offline ​and cast doubt on efforts to ease shipping risks in the Gulf.

Oil prices ​have climbed nearly 20% so far this month, creating economic headwinds for energy importers like India. Signs of broadening inflation in the economy have also bolstered wagers on rate hikes, ​knocking down government bond prices.

The yield on India's 10-year benchmark note rose ​7 bps to 7.09% on Tuesday.

"We are forecasting USD/INR at 95.50 by December 2026 and ‌96.50 by ⁠June 2027, implying a gradual depreciation in INR against the dollar and a modest underperformance against other Asian currencies," MUFG said in a note.

Meanwhile, the central bank also likely conducted dollar-rupee sell/buy swaps for the fourth consecutive trading ​session on Tuesday as ​part of its ⁠measures to drain excess rupee liquidity in the banking system.

Open market bond sales and FX swaps are among the ​options the central bank may use to drain the liquidity, ​RBI Governor ⁠Sanjay Malhotra told CNBC-TV18 on Friday. Later that day, the central bank announced it would conduct bond sales worth 1 trillion rupees ($10.43 billion) in September.

"We continue to ⁠think ​the risks tilt towards inflation in India rising ​faster than expected, with the significant boost to INR liquidity from RBI’s forex measures a potential additional ​impetus," MUFG said.

($1 = 95.9200 Indian rupees)

Reporting by Jaspreet Kalra; Editing by Rashmi Aich

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