USD INR Update

The rupee opened 9 paise lower at 95.39 against the US dollar on Tuesday, 11 August, pressured by higher oil prices amid stalled US-Iran peace talks. Traders are also looking to the Reserve Bank of India (RBI) for further intervention to limit the currency's decline. The rupee has traded in a narrow 95.10-95.30 range over the past three sessions, with strong dollar demand around these levels keeping the currency under pressure, while RBI intervention has helped cap losses. On Monday, the central bank is believed to have sold dollars near 95.25, even as the rupee weakened, highlighting continued pressure from importer hedging and elevated oil prices.