Rupee hits one-month low as renewed Mideast conflict lifts oil prices

The Indian rupee fell to a one-month low of around 95.7875 per dollar, down nearly 0.5%, as renewed US-Iran conflict and Strait of Hormuz disruption concerns lifted crude oil prices. State-run banks, likely acting for the RBI, offered dollars to curb volatility, with traders noting USD/INR could test 96.50 levels. HSBC warned that a sustained rise in oil prices could trigger portfolio outflows and add further pressure on the rupee, while June inflation and trade data remain in focus.