Indian Rupee Declines for First Time in Eight Sessions as Brent Oil Rises Above $112

The Indian rupee recorded a decline on Thursday, marking its first drop in eight trading sessions. The currency fell even as foreign portfolio investment inflows directed toward the Jio Platforms initial public offering provided support.

A key factor pressuring the currency was a surge in international crude oil benchmarks, with Brent oil prices climbing above $112 per barrel during the session.

Market Outlook and Central Bank Actions

Currency traders project that the Indian rupee will trade in a range between 94.50 and 95.25 during Friday's session.

Market participants also noted that the Reserve Bank of India could step in to support the currency, with potential central bank intervention anticipated near the 95 per dollar level.