Rupee snaps eight-day rally as oil climbs to highest since May

What happened: The rupee ended an eight-day rally, closing down 0.4% at 94.8175 per dollar after swinging from its strongest level in over six weeks as oil prices climbed. Key numbers: Rupee closed down 0.4% at 94.8175 per dollar. MSCI All-World index fell 0.4%. India imports nearly 90% of its crude requirements. Why it matters: Traders cited broad dollar demand and risk-off global markets. Oil remains a key risk for the rupee, with observers split on how sternly the RBI should defend the currency.

The rupee ended an eight-day rally, closing down 0.4% at 94.8175 per dollar after swinging from its strongest level in over six weeks as oil prices climbed.

Traders cited broad dollar demand and risk-off global markets. Oil remains a key risk for the rupee, with observers split on how sternly the RBI should defend the currency.