Rupee hits two-month low despite RBI intervention as crude oil surge weighs

The rupee ended Monday at 96.45 against the US dollar, a two-month low, with the RBI actively selling dollars to prevent the currency from breaching its record low of 96.96 touched in May. Crude oil prices have climbed nearly 9% to 82.56 dollars per barrel since July 10 amid West Asia tensions, adding pressure on the rupee along with weak FCNR(B) deposit inflows that fell short of the expected 70 billion dollars. Traders expect a 95.80-96.90 range for the week, with the RBI likely to intervene aggressively near record low levels if oil prices remain elevated.