Pakistani Rupee Expected to Fall Below 285 Against Dollar

The Indian rupee is facing significant pressure, opening at 94.25 against the U.S. dollar after a drop from 94.1050. This marks a decline of approximately 1.3% for the week, exacerbated by a sharp rise in Brent crude oil prices, which have surged nearly 18% to around $106 per barrel. The ongoing geopolitical tensions in the Middle East, particularly involving Iran, have heightened market anxieties and contributed to the rupee's depreciation. Traders indicate that the RBI's interventions, while aimed at managing the currency's decline, have had limited success in stabilizing the rupee amidst heavy dollar demand from oil companies and a broader sell-off in domestic equities.