Indian rupee hits 3-week low at 95.3950 per US dollar
The Indian rupee closed at 95.3950 per US dollar on Monday, its lowest in three weeks.
The drop was mainly due to a stronger US dollar and some big financial contracts expiring.
Traders spotted state-run banks selling dollars here and there, likely the central bank stepping in to stop a steeper fall.
Goldman Sachs expects rupee strength
More businesses needed dollars, and some companies jumped back into currency trades, adding pressure on the rupee.
Still, there's a silver lining: Goldman Sachs expects the rupee to get stronger over time, forecasting 94, 95, and 96 per US dollar at three, six, and 12 months respectively.
Foreign investors also poured nearly ₹76 billion into a benchmark Indian bond (the 2036 bond) (thanks to relaxed rules), while falling global oil prices gave the currency a bit of breathing room.