Oil woes push rupee to over one-week low, RBI caps fall near 96/USD

On Monday, the Indian rupee plummeted to its lowest mark in over a week, driven by soaring oil prices. Investors reacted to mounting geopolitical tensions, leading to an uptick in bond yields and a dip in stock values within the region. State-run banks intervened by selling dollars, likely under the guidance of the Reserve Bank of India, which helped to mitigate further declines in the currency's value.