India's Reserve Bank sells dollars as rupee closes at 95.95
Business
The rupee just dropped to its lowest point in three months, closing at 95.95 against the dollar on Tuesday.
This dip is mostly thanks to higher global oil prices and rising US bond yields, which are making things tricky for India's currency.
To keep things steady, the Reserve Bank of India stepped in by selling dollars as dollar demand from oil companies kept the currency under continuous pressure.
MUFG Bank predicts rupee near 95.59-96
Everyone's now watching if the RBI can keep the rupee within the 95.59-96 range. If it slips further, we could see more drops ahead.
MUFG Bank predicts the rupee might hover around these levels into next year.
Plus, with a possible US Fed rate hike coming soon, there could be even more ups and downs for the currency.