Indian rupee opens at 95.02 as US Fed signals hawkishness
Business
The rupee just breached the 95-per-dollar mark, opening at 95.02 today.
This dip comes as the US Federal Reserve signals a tougher stance, making the dollar more attractive and putting extra pressure on currencies like ours.
Brent nearly $121, $210 million foreign outflows
A mix of things: global oil prices are up (Brent crude is nearly $121 a barrel), which means India needs more dollars to pay for imports.
Plus, foreign investors have pulled more than $210 million out of Indian stocks in just one day, looking for safer bets elsewhere.
All this has made the rupee's recent gains vanish pretty quickly.