Rupee slips 7 paise against US dollar as crude soars beyond $90 per barrel levels
The Indian Rupee fell to 95.68 against the US dollar as rising global crude oil prices increased demand for foreign currency. Market analysts suggest the currency may remain under pressure as the Reserve Bank of India balances intervention with market realities.
Why it matters
Currency depreciation and high oil prices directly impact inflation and the cost of imports for the Indian economy.
Rupee continued its fall against the US dollar on Tuesday, falling 7 paise to 95.68 in early trade as elevated crude oil prices and steady demand for the greenback weighed down the currency.Rupee had already lost 19 paise in the previous session, closing at 95.61 against the dollar on Monday. It opened at 95.68 at the interbank foreign exchange market on Tuesday.Market participants pointed to higher oil prices as one of the key pressures on the rupee. Brent crude was trading above $91 per barrel, with futures up 0.52% at $91.34 a barrel.
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