Cheaper oil, RBI support fail to lift rupee amid dollar demand

The Indian rupee came under pressure on Thursday, trading between 94.92 and 95.40 against the dollar despite supportive factors such as cheaper crude oil and RBI intervention through dollar sales in both spot and offshore non-deliverable forwards markets. Persistent dollar demand from foreign banks, oil companies, and foreign investor outflows from equities weighed on the currency, which has depreciated 0.45 percent so far in the current financial year. Brent crude prices stood at around 70 dollars per barrel.