Indian rupee falls to 95.18 per US dollar on Monday
Business
The rupee dropped to 95.18 per US dollar on Monday, mainly because of rising oil prices and strong demand for dollars from importers.
Even after the RBI tried to steady things with new rules earlier this month, the currency is still feeling the heat and couldn't hold its ground.
Brent $115 weak inflows pressure rupee
With Brent crude oil hovering around $115 a barrel and not much foreign investment coming in, the rupee has stayed weak.
Analysts like Anindya Banerjee say if it falls below 96.50, expect more measures.
Meanwhile, Anil Bhansali points out that high oil prices and importer demand will likely keep up the pressure for now.