Oil price strain keeps rupee near record low, state banks' dollar sales cushion

The Indian rupee weakened on Friday, nearing a record low due to elevated oil prices and rising U.S. bond yields. State-run banks' dollar sales provided some support, preventing a historic dip. India's recent fuel price hike and expectations of Fed rate hikes further pressured the currency, while potential measures to boost foreign capital inflows offer a glimmer of hope.