Rupee ends 96.5725 per US dollar amid Saudi tanker attacks
Business
The Indian rupee barely moved on Thursday, ending at 96.5725 per US dollar, even though global oil prices spiked 4% after attacks on Saudi oil tankers.
With Brent crude now above $98 a barrel, there is fresh worry about supply disruptions and rising inflation in India.
State-run banks sold US dollars
To keep the rupee from sliding, state-run banks sold US dollars, likely acting for the Reserve Bank of India.
Still, higher oil prices have investors nervous: the Nifty 50 index fell for a fourth straight session, and experts warn this could mean more inflation and slower growth ahead.