Rupee slips below to 95.18 against dollar on elevated oil prices

On Monday, the Indian rupee dropped to 95.18 against the dollar amid rising oil prices. Importer demand for dollars continued, despite increased hedging costs observed in the market. The Reserve Bank of India has implemented measures to stabilize the rupee but is less active in intervention. Without foreign inflows, the rupee faces challenges as oil prices remain elevated. Expected trading for the rupee is between 95 and 95.