Rupee falls 0.4% to 95.96 against dollar, sharpest single-day drop in two months

The Indian rupee experienced its sharpest single-day fall in two months. Rising oil prices and higher US interest rate expectations pressured the currency. Attacks on Saudi Arabian energy infrastructure boosted crude oil prices significantly. The Reserve Bank of India’s dollar sales helped limit the rupee’s losses. Bond yields rose as inflation and rate-hike bets grew.