Indian rupee expected brief support as oil prices ease. The rupee is projected to open in the 94.86 to 94.88 range against the US dollar on Monday, supported by a pullback in crude oil after the US announced efforts to clear ships stuck in the Strait of Hormuz. However, the broader outlook remains bearish. The rupee has weakened nearly two percent over the past eight trading days, pressured by sustained high oil prices that have driven heavy hedging by importers and steady dollar demand from refiners. Foreign portfolio outflows totaled nearly six point five billion dollars in April alone, with cumulative withdrawals in 2026 reaching approximately twenty point six billion dollars. This persistent capital flight has reinforced dollar demand and kept international investors sidelined from Indian equities.
