Indian rupee opens 96.78 per USD, RBI sets 5.5% rate
Business
The Indian rupee opened at 96.78 against the US dollar on Friday, staying stable after the Reserve Bank of India (RBI) stepped in to prevent it from hitting a new record low.
This comes right after the central bank raised its key interest rate to 5.5%.
Brent crude jump, outflows pressure rupee
Rising global oil prices and foreign investors pulling money out of India are making things tough for the rupee.
Brent crude jumped about 4%, which means higher import costs and more demand for US dollars.
Even though there's been a bit of relief from US market trends, traders expect the RBI will keep stepping in to avoid further drops, since more weakness could shake investor confidence.