Indian rupee at 94.97 per US dollar despite oil fall
Business
The Indian rupee slipped to 94.97 per US dollar on Monday, even though local markets looked positive and oil prices fell (which usually helps).
The drop is mainly because the US dollar is staying strong worldwide, putting steady pressure on the rupee.
RBI taps $720bn reserves, ₹3,598.54cr inflows
The Reserve Bank of India has been using its around $720 billion foreign exchange reserves to try and keep things stable, but the rupee still dipped as reserves fell by $1.269 billion last week.
Currency expert Anindya Banerjee pointed out that cheaper oil might help the rupee bounce back, but rising prices could make things tricky.
Meanwhile, foreign investors bought ₹3,598.54 crore worth of shares, some good news that could have softened the blow for the rupee.