Rising oil, US yields add to rupee pressure after RBI move
The rupee rose 7 paise to 95.64 against the US dollar in early trade on Monday, supported by a softer dollar, but later pared gains to settle 3 paise lower at 95.74 amid rising Brent crude, importer demand, and cautious sentiment over impending US sanctions on Iran. The Reserve Bank of India likely intervened to support the currency, while its decision to shorten the foreign-currency deposit swap window surprised bankers and added to the rupee's vulnerabilities.