Rupee slides past 96/USD to one-month low as oil climbs; RBI likely intervenes

The Indian rupee slid past 96 per dollar to a one-month low, touching 96.2375 before ending 0.6% lower at 96.20, pressured by Brent crude rising over 4% to 87 dollars per barrel after the U.S. reimposed a naval blockade on Iran. The Nifty 50 declined 0.7% and the 10-year benchmark bond yield rose 6 basis points, while traders flagged likely RBI dollar sales across spot and non-deliverable forward markets to contain the rupee's losses. Market participants are also watching the scale of inflows from a special overseas Indian deposit programme that has attracted about 10 billion dollars so far.