Indian Rupee declines due to compounding pressure from higher oil prices, Treasury yields

The Indian Rupee (INR) continues to underperform against the US Dollar (USD) on Wednesday, trading close to its fresh all-time lows. The USD/INR pair holds onto gains near 97.00 as elevated oil prices due to fears of a prolonged closure of the Strait of Hormuz remain a key drag on the Indian Rupee.