Indian rupee weakens for third session as importers step up dollar bids, foreign outflows bite

The Indian rupee lost 0.3% on Monday to close at 95.1850 per US dollar, extending its decline to a third session, Business Recorder reported. The currency is down about 0.8% over those three sessions as importers increased dollar buying and foreign investors continued to exit Indian equities.

Brent crude, around $115 a barrel in Asian trading, has climbed about 13% over the past three weeks amid concerns about supply disruptions. The report said dearer oil could raise India’s import costs and inflation pressures, while nearly $5 billion in foreign equity sales so far in October followed net selling of $3.75 billion in September. Markets are also watching the US Federal Reserve’s Wednesday policy decision.