Indian rupee falls to ₹94.27 amid global safe haven demand
Business
The Indian rupee dropped again on Monday, hitting 94.27 against the US dollar, its fifth consecutive day of falling.
This latest dip is mainly due to global tensions pushing people toward safer currencies like the US dollar.
India forex reserves top $703 billion
Rising oil prices and relaxed Reserve Bank of India (RBI) currency policies are making things tougher for the rupee, and foreign investors pulled out nearly ₹8,828 crore from Indian stocks last Friday.
Still, there's a silver lining: India's foreign exchange reserves have crossed $703 billion, and stock markets are holding up well with both Sensex and Nifty posting gains.
Even so, Amit Pabari says market uncertainty isn't going away any time soon.