Indian rupee slips 3rd day to 95.44 per US dollar
Business
The rupee dropped for the third day in a row, settling at 95.44 against the US dollar on Thursday, a 0.35% fall.
This slide happened as oil prices shot past $102 a barrel and continued dollar demand from local importers, while foreign investors kept pulling money out.
The currency started at 95.25 and hit a low of 95.4675 during the day.
RBI dollar-rupee swaps raise forward premiums
To help calm the situation, the Reserve Bank of India (RBI) jumped in with dollar-rupee swaps for a second straight day, which pushed up forward premiums in the market.
Analyst Dilip Parmar of HDFC Securities noted that while the rupee might not break past 95.80 easily, it could find some support near 95.10, especially with global oil prices and other market forces still weighing on its performance.