Rupee at 96.51 per US dollar after likely RBI support
Business
The rupee made a comeback on Friday, rising to 96.51 in early trade against the US dollar after starting the day weaker.
This rebound is mostly thanks to the RBI likely stepping in through state-run banks to support the currency, even as global oil prices shot past $100 a barrel and Indian oil companies scrambled for more dollars.
Brent $100.8, foreign outflows nearly ₹3000cr
The US dollar index dipped a bit, giving the rupee some breathing room. But things were tense globally: Middle East conflicts sent Brent crude up to $100.8 per barrel, making dollars even pricier for India.
Meanwhile, Indian stock markets slid for a fifth straight day as foreign investors pulled out nearly ₹3,000 crore on Thursday, adding to the market's rough week.