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Indian Rupee Weakens Amid Rising Oil Prices
On October 23, 2026, the Indian rupee (INR) weakened to 94.96 against the US dollar (USD) due to soaring oil prices and AI-related jitters. The INR had previously rallied for eight straight sessions to a six-week high of 94.30 per dollar. The primary reason for the weakening was the surge in oil prices, which increased dollar demand from importers and oil marketing companies. This threatens the rupee's recovery by raising India's import bill and dollar demand.