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Rupee Smashes Resistance, Eyes 94: RBI’s War Chest Fuels the Charge

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‼️ 🇮🇳 The Indian Rupee broke key resistance on Tuesday, opening a path toward 94/USD and the 200-day moving average near 93, a move that could trigger further short-covering. The rally is bolstered by the RBI’s strengthened FX reserves, built up through inflows via a special FX deposit window, giving it more room to intervene and support the currency — though rising oil prices and global bond yields remain headwinds.

“Worthless in Two Years”: Bessent Says Pipelines Will Kill the Strait of Hormuz

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‼️ Treasury Secretary Scott Bessent downplayed the strategic importance of the Strait of Hormuz on Tuesday, telling Larry Kudlow at a global finance chiefs gathering in Asheville that the critical Persian Gulf waterway—currently controlled by Iran amid ongoing conflict—will be rendered obsolete by new oil pipelines within two years. “In two years, the Strait of Hormuz will be like a worthless piece of water,” Bessent said, signaling a shift away from reliance on the chokepoint for energy transport.

Oil Spikes on U.S.–Iran Escalation: “Deadlock Breaker” Strike Lifts Brent to July Highs

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‼️ 🛢️ BREAKING: Brent crude hit its highest level since July after the latest U.S. strikes on Iran, with WTI up 4%. While neither side signaled a return to full-scale war, both warned they’re prepared to respond to further attacks. Analysts see the U.S. strike on Larak Island as an effort to break a deadlock rather than a strategic shift.