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The Indian Rupee (INR) declines against the US Dollar (USD), extending its losing streak for the fifth successive session. The USD/INR pair reached a fresh record high of 92.58 during the Asian hours on Wednesday. Traders expect the Reserve Bank of India (RBI) to sell dollars to avert steeper rupee losses. The INR faces challenges due to higher Oil prices, which could be attributed to the ongoing war in the Middle East. India imports over 80% of its crude Oil needs. When Oil prices rise, India must pay more in dollars to buy the same quantity of crude. The USD/INR pair could further appreciate as the Indian Rupee struggles with increased risk aversion amid geopolitical conflict in the Middle East. Foreign fund outflows from the Indian stock market weighed on the Indian Rupee. Rising risk aversion led investors to pull over $350 million from Indian equities on Monday. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, extends gains for the third consecutive day, trading around 99.10 at the time of writing. Traders will likely observe the US ISM Services Purchasing Managers’ Index (PMI), due later in the North American session. The Greenback advances on fading expectations of imminent rate cuts from the Federal Reserve (Fed). The yield on the US 10-year Treasury note holds around 4.06% at the time of writing after rising for two consecutive sessions amid elevated inflation fears. Higher energy prices have added to inflation concerns, prompting markets to scale back bets on near-term policy easing. Investors largely expect the US central bank to keep interest rates unchanged until summer, despite calls from US President Donald Trump for lower borrowing costs. US President Donald Trump noted the US Navy would provide insurance support to commercial vessels in…

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Filed under: News - @ March 4, 2026 6:22 am