Rupee closes at 96.28 vs USD; logs sharpest weekly drop since May as oil price jump stings

The Indian rupee faced its most significant weekly drop since May, driven by rising oil prices and strong demand for the dollar. Increasing tensions between the U.S. and Iran exacerbated concerns over energy supplies, further straining the rupee's position. However, interventions from state-run banks provided some relief, temporarily halting its downward trend. Market participants are closely monitoring oil prices and the Reserve Bank of India’s approach to the rupee’s depreciation.