Rupee falls on oil spike; RBI intervenes to stabilize

Rupee falls on oil spike; RBI intervenes to stabilize. The Indian rupee weakened sharply as global crude prices surged past $95/barrel, increasing import costs and widening the current account deficit. The Reserve Bank of India stepped in with dollar sales to curb volatility, signaling strong intervention stance. Rising oil prices threaten inflation, potentially influencing the upcoming monetary policy decision.

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