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MUMBAI, Sept 18 - The rupee inched up against the U.S. dollar on Monday, but surging oil prices and the rally on the dollar index suggest the rising risk of a significant decline in the local currency, analysts said.
"The RBI will be there to defend the rupee and to make sure that volatility overall is contained," the foreign exchange sales head of a private sector bank said. Brent crude has rallied 8.5% this month and surged nearly 26% in the current quarter on worries over supplies. The dollar index , supported by expectations that the U.S. Federal Reserve will hold rates high for longer, is hovering at the highest since March.
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