Rupee drops to 95.27 as RBI intervenes after foreign outflows
Business
The rupee dropped by 29 paise on Tuesday, ending at 95.27 against the US dollar.
This slide came as foreign investors pulled money out, and oil prices stayed high, making dollars more expensive.
The Reserve Bank of India stepped in to keep things from getting worse, helping the rupee bounce between 95.29 and 95.02 during trading.
Trader forecasts 94.75-95.75 on Wednesday
So far this fiscal year, the rupee is down just 0.17%, not bad compared to FY26's nearly 11% drop. It's also still about 2% stronger than its record low of 96.96 on May 20.
With Brent crude prices dipping a bit and traders waiting for Friday's RBI policy update, a trader from a private sector bank expects the rupee to trade between 94.75 and 95.75 on Wednesday.