Oil woes push rupee to over one-week low, RBI caps fall near 96/USD - Reuters

Oil woes push rupee to over one-week low, RBI caps fall near 96/USD | Reuters

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Oil woes push rupee to over one-week low, RBI caps fall near 96/USD

By Jaspreet Kalra

September 27, 20269:50 PM CDTUpdated 3 hours ago

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!A man counts Indian currency notes at a currency exchange stall in the old quarters of Delhi

A man counts Indian currency notes at a roadside currency exchange stall in the old quarters of Delhi, India, February 2, 2026. REUTERS/Anushree Fadnavis Purchase Licensing Rights, opens new tab

MUMBAI, Sept 28 (Reuters) - The Indian rupee slipped to its weakest in more than a week on Monday as oil prices marched ​higher, dragging down regional stocks and currencies as investors fretted ‌over the impact of high energy prices and geopolitical uncertainty.

Dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India, curbed losses with the ​rupee settling down 0.2% at 95.9825 per dollar.

Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.

Brent crude rose nearly ​4% to $108.2 per barrel. US President Donald Trump rejected Iran's ⁠peace plan, but told Axios in a phone interview that he expected ​US negotiators to engage in more talks this week.

Investors responded by pushing ​bond yields higher and stocks lower. MSCI's gauge of Asian stocks fell nearly 1% while stocks in Mumbai (.NSEI), opens new tab declined nearly 1.5% to their lowest level since April.

India imports nearly ​90% of its crude requirements, making the rupee one of the world's ​most vulnerable currencies to the Middle East oil shock.

"Several investors just have an outright ‌bearish ⁠view on all EM Asia high-yield currencies, including the PHP, IDR and INR, given their vulnerability to higher energy costs," analysts at Goldman Sachs said in a note, summarising feedback from investors located in the UK.

Goldman, meanwhile, ​says the RBI has ​the ability to ⁠keep the rupee within the 94-97 range, or at least manage the pace of its depreciation.

A glut of ​capital inflows sparked by policy measures has given the ​Indian central ⁠bank ammunition to go against the tide but investors are keeping an eye on the persistence of that defence. Between June 8 and September 18, these ⁠measures drew ​in $143.6 billion.

"For now, 96 is the floor under ​INR and it doesn't seem like the RBI will allow a move past that," a ​trader at a foreign bank said.

Updates for close

Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala

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