Rupee logs sharpest weekly drop since May as oil surge stings
The rupee closed at 96.28, its steepest weekly fall in three months, as a jump in crude prices widened India's trade deficit and pressured the currency.
The rupee closed at 96.28 against the dollar on Friday, its steepest weekly decline since May. A jump in crude oil prices widened India's trade deficit and pressured the currency, traders said.
The oil surge hits sectors that rely on imported crude. Financials like HDFC Bank face margin pressure from higher fuel costs and potential rate pass-through delays. IT exporters such as Infosys and Wipro benefit from a weaker rupee but also contend with demand headwinds from oil-driven inflation abroad.
HDFC Bank carries an Alpha Score of 44, labeled Mixed. Infosys scores 57, Moderate. Wipro scores 46, Mixed. The rupee has lost 1.2% this week, its worst performance since May. The RBI's intervention in the NDF market this week did not stem the slide, two traders said.
For broader forex market analysis, the dollar's strength and oil's trajectory remain the key inputs. The HDB stock page tracks the bank's exposure to currency and commodity swings.
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