Rupee hits three-week low, traders wary about fall to 96/USD as RBI stands guard

On Wednesday, the Indian rupee hit its lowest point since late July, primarily due to high oil prices and sustained demand for the dollar. Despite this, the Reserve Bank of India's interventions helped to temper the rupee's fall. The escalating crude oil costs have contributed negatively to its value, as investors eagerly anticipate upcoming policy review minutes from both the RBI and the Federal Reserve.