Indian rupee slips 3 paise to 95.74 against US dollar
Business
The Indian rupee slipped by 3 paise on Monday, closing at 95.74 against the US dollar.
Traders say rising Brent crude prices and new US sanctions on Iran made the market a bit cautious, leading to this minor dip.
Reserves jump $9.905B as markets dip
High crude prices put pressure on the rupee, but hopes that US interest rates won't go up helped keep things from getting worse.
Meanwhile, Sensex fell by 171.72 points and Nifty dropped 32.95 points.
On a brighter note, India's foreign exchange reserves jumped by $9.905 billion to $716.907 billion, giving the rupee some backup as global uncertainty continues.