RBI sells dollars daily to steady rupee amid oil jump
Business
The Indian rupee is under pressure as global crude oil prices jump, mainly due to tensions in West Asia.
To keep things steady, the Reserve Bank of India (RBI) has been selling US dollars daily, trying to hold the rupee between 95.17 and 95.45 against the US dollar.
RBI $52B deposit scheme, rupee weak
Brent crude surged nearly 6% last week, pushing up demand for US dollars from importers and oil companies.
Even with RBI's help, the rupee closed at 95.42 on August 14.
The RBI also rolled out a special deposit scheme that pulled in $52 billion recently, but the rupee is still weaker than it was in June.
With that scheme ending soon and oil prices staying high, everyone's watching to see if RBI can keep things stable, or if more ups and downs are ahead for the currency.