Indian rupee closes at 95.6025 amid oil, RBI policy action
Business
The Indian rupee slipped to a two-week low on Monday, closing at 95.6025 per US dollar.
Rising oil prices, amid a lack of progress in diplomatic efforts to resolve Middle East tensions, and a key RBI policy change both played a role in the dip.
Reserves top $700B cushion rupee
Importers' demand for US dollars added pressure, but strong foreign exchange inflows and RBI support helped cushion the fall.
Still, analysts think the rupee could weaken further, possibly hitting 97 per US dollar by March 2027.
On the bright side, India's foreign exchange reserves have jumped past $700 billion, a four-month high, giving some stability even as the RBI focuses on keeping big swings in check.