Indian rupee weakens as oil surge derails relief rally. The rupee is expected to open in the 93.92-93.98 range Thursday, having settled at 93.7950 Wednesday, with traders anticipating it could breach the 94 level. The currency has lost nearly 1% this week after climbing from recent lows near 95 to highs of 92.50 following RBI support measures. However, Brent crude settling above $100 for the first time in over two weeks, last trading at $103.24, has reversed the momentum. Oil supply concerns stem from stalled Iran-U.S. peace talks and continued restrictions through the Strait of Hormuz. The RBI has intervened by selling dollars to slow the decline, but heavy demand from oil companies and thin dollar supply continue pressuring the currency. Analysts view the move from 95 to 92.50 as a relief rally that has now run its course as geopolitical tensions and energy supply risks intensify.
