Indian rupee strengthens to 95.85 per USD after RBI intervention
Business
The Indian rupee got a small boost on Tuesday, rising to 95.85 per US dollar from its previous close of 95.91.
This uptick comes thanks to cheaper global oil prices, improved foreign capital flows, and the Reserve Bank of India (RBI) stepping in to keep things stable.
Ruchit Thakur: oil helps, gains limited
market analyst Ruchit Thakur at VT Markets points out that lower oil prices are a win for India since we import most of our crude, so they help with inflation and keep costs down.
He also notes that while the RBI is actively intervening to avoid big swings (and keep exports competitive), strong demand for US dollars and global uncertainties could slow down any further gains for the rupee.