Dollar sales by state-run banks, likely on behalf of the Reserve Bank of India, limited losses and kept the rupee above 96 per dollar.
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The Indian rupee has fallen to its lowest point in a week, fueled by escalating oil prices and inflation worries. Although dollar sales by government banks helped mitigate the decline against the dollar, emerging market currencies are facing intense pressure. Similarly, U.S. Treasury yields have hit multi-year peaks, contributing to the challenging landscape.
