Rupee closes at 96.34 vs USD; firmer Asia FX, oil dip offer little comfort as NDF maturities pinch

The Indian rupee closed at 96.3450 per dollar, down 0.1 percent and hovering close to its weakest level in nearly two months, erasing gains made after policymakers announced measures to boost dollar inflows. Traders cited elevated merchant dollar demand and intermittent NDF maturities as key pressures, with USD/INR breaching the 95.80-96.00 resistance zone. Meanwhile, Brent crude dipped below 85 dollars per barrel but geopolitical tensions around the Strait of Hormuz, with the U.S. escalating attacks on Iran, kept oil price risks skewed to the upside per Goldman Sachs.