The sharp depreciation comes amid a surge in crude oil prices, with Brent crude climbing past USD 126 per barrel, intensifying concerns over India’s import bill and widening trade deficit. Persistent demand for the US dollar, coupled with elevated energy prices, has kept the rupee under sustained pressure. Crude surged to USD 110, up nearly 3 per cent, while Brent stood at USD 126, gaining nearly 7 percent, extending the momentum built on the back of a strong surge earlier.
