Indian rupee closes at 95.7525 against US dollar Wednesday
Business
The Indian rupee just dropped to its lowest point in three weeks, closing at 95.7525 against the US dollar on Wednesday.
This dip comes as global oil prices spike (Brent crude jumped over 3% this week, landing near $92 a barrel), making imports more expensive and raising demand for dollars.
RBI intervenes as exporters sell dollars
To keep things from getting worse, the Reserve Bank of India (RBI) stepped in through state-run banks to steady the rupee.
Exporters also sold more US dollars as the currency neared a key level.
Now, everyone's watching for updates from both the RBI and US Federal Reserve on future interest rate changes, though analysts think any big surprises are unlikely to shake things up much right now.