Indian rupee drops 17 paise to 95.35 against US dollar
Business
The Indian rupee opened lower at 95.35 against the US dollar on Monday, dropping 17 paise after a strong jump last Friday.
That earlier gain came thanks to Reserve Bank moves to attract foreign investment and boost foreign capital inflows and improve forex liquidity.
A stronger US dollar and rising oil prices are making things tougher for the rupee.
Foreign investors pull out nearly ₹8,800cr
Escalating tensions between Iran and Israel pushed the US dollar index higher and sent oil prices up over 3%.
Indian stock markets felt the heat too: Sensex fell by over 700 points, Nifty dropped more than 220 points, and foreign investors pulled out nearly ₹8,800 crore in one day.
All this has left both the rupee and local markets under serious pressure lately.