Indian rupee closes at 95.19 against USD after 3rd day
The Indian rupee slipped for the third day in a row, closing at 95.19 against the US dollar on Monday, a drop of 25 paise from its previous close.
High crude oil prices and a rush from importers to buy US dollars are making things tough for the currency.
Just last week, the rupee had bounced back briefly after some central bank action.
Month-end dollar demand pressures rupee
Monday saw the rupee swing between 94.9050 and 95.2650 as oil prices hovered near $115 per barrel, raising worries about India's import bill.
Extra demand for US dollars at month-end and money moving out due to Jio Platforms also added pressure.
Experts think global demand for dollars will keep weighing on the rupee, especially with big central bank decisions, like from the US Fed, coming up soon.
Volatility isn't going away just yet.