On Monday, the Indian rupee remained relatively stable, in contrast to the weakening trend observed in most other Asian currencies. This stability could be attributed to the anticipated U.S. dollar sales by the Reserve Bank of India (RBI), which provided support to the rupee despite the rising oil prices.
During early trading on Monday, the rupee maintained a narrow trading range, fluctuating between 83.25 and 83.2650, as reported by Reuters. A foreign exchange trader at a state-run bank mentioned that the RBI was likely selling U.S. dollars near the 83.25 level, a pattern reminiscent of the previous week.
On the global front, Brent crude oil futures had surged by over 6% on Friday and continued to rise, currently quoted at $90.92 per barrel.

DBS Bank noted that for every $10 increase in oil prices, India's current account deficit as a percentage of GDP could potentially widen by approximately 35-40 basis points