Rupee slips 8 paise against US dollar as crude prices continue to rise
The Indian rupee fell against the US dollar due to rising crude oil prices and geopolitical uncertainty in the Middle East. Despite the decline, intervention by the Reserve Bank of India and foreign institutional inflows helped stabilize the currency.
Why it matters
Currency fluctuations impact national inflation and import costs, making this a critical indicator for the Indian economy.
The rupee began Tuesday on a weak note, falling 8 paise to 95.38 against the US dollar in early trade, as uncertainty over the ongoing Middle East crisis and a rise in crude oil prices overnight weighed down the currency. Pressure also came from weakness in equity markets.However, foreign institutional investor (FII) inflows and intervention by the Reserve Bank of India (RBI) helped cushion the decline, forex traders said.The local currency opened at 95.38 against the US dollar at the interbank foreign exchange market and remained at that level till the time of publishing the copy.
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