Rupee slides to eight-week low as Middle East tensions, surging oil weigh on sentiment

The Indian rupee weakened to an eight-week low of 96.20 per dollar, down from Monday's close of 95.62, pressured by surging crude oil prices, safe-haven dollar demand, and renewed selling of Indian assets by overseas investors. Brent crude climbed over 4% to $87 per barrel amid Middle East tensions, while the RBI intervened around 96.20 levels to contain further losses. The rupee has depreciated 1.4% so far this fiscal year, with traders expecting it to trade between 95.75 and 96.50 on Wednesday.