Rupee's forex boost fades fast, may trade at 96 levels

RBI intervention helped contain rupee losses near 95.57 per dollar on Monday, but traders expect the currency to weaken toward 96 levels on Tuesday. The rupee has depreciated over 0.8% so far in the fiscal year amid geopolitical risks boosting the US dollar and weighing on the currency. Brent crude rose 3% to $79 per barrel, while market participants now await US CPI inflation data on Wednesday for further direction.