Oil price surge shakes markets as Indian rupee nears historic low and central bank intervenes

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智通财经2026/07/20 05:51

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Due to a renewed surge in oil prices impacting market sentiment, the Indian rupee exchange rate fell toward a historic low, dropping by as much as 0.2% intraday to 96.4575 rupees per US dollar, approaching the low of 96.9650 reached at the end of May.
To support the rupee, the Reserve Bank of India intervened simultaneously in both the onshore and offshore markets by selling US dollars; informed traders disclosed the operation, but a central bank spokesperson has yet to respond to requests for comment.
Over the past two weeks, oil prices have risen by more than 20%, with Brent crude surpassing 90 US dollars per barrel on Monday, mainly due to escalating tensions in the Middle East as conflict between the United States and Iran intensifies. Since crude oil accounts for more than two-thirds of India's total imports, the rise in oil prices has significantly increased the country's forex reserve pressures, while the benchmark 10-year government bond yield also climbed 4 basis points to 6.82%.

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