Indian rupee slips to 95.68 on Fed pause, oil tensions
The rupee slipped a bit on Thursday, ending its four-day winning run and closing at 95.68 against the US dollar.
It started out stronger, but lost ground as markets reacted to the US Federal Reserve keeping interest rates steady and rising crude oil prices thanks to tensions in West Asia.
Since India relies heavily on oil imports, pricier energy means more demand for US dollars, and that puts extra pressure on the rupee.
Sensex, Nifty rise after RBI intervention
Last week, the Reserve Bank of India stepped in forcefully when the rupee was near its all-time low.
Even with today's dip, Indian stocks stayed upbeat: Sensex climbed by 274 points and Nifty finished above 24,300.
Traders said what happens next with the rupee will depend on moves by the Reserve Bank of India, foreign investments, global oil prices, and how the US dollar behaves.