RBI likely intervenes after rupee slips to 95.47 per dollar
On Wednesday, the Reserve Bank of India (RBI) likely jumped in to steady the rupee after it slipped 0.2% to 95.47 to the US dollar.
The drop came as global oil prices climbed (Brent crude hit nearly $97 a barrel) thanks to renewed tensions between the US and Iran.
A Mumbai trader told Reuters that state-run banks were selling dollars around 95.50 to the US dollar, hinting at RBI's effort to keep things under control.
Rupee weakens against euro and pound
This was the rupee's first drop in three days (it had actually gained earlier in the week, reaching a near one-week high of 95.27 to the US dollar).
But on Wednesday, it also lost ground against other big currencies like the euro (trading at 102.61 to the euro) and pound sterling (117.28 to the pound sterling), showing how global events can quickly shake up our currency's value.