Rupee falls 6th day to 95.88 against US dollar
Business
The rupee dropped for the sixth day in a row, ending Tuesday at 95.88 against the US dollar.
This steady fall is mainly because of rising tensions in the Middle East and a spike in Brent crude oil prices to $108 a barrel, making US dollars more expensive for India's oil imports and sparking worries about inflation.
Sensex falls 777.94 points
On Tuesday, the rupee moved between 95.75 and 95.96 while Indian stock markets took a big hit: Sensex fell by 777.94 points and Nifty by 279.50 points.
The pressure got worse as foreign institutional investors (FIIs) offloaded equities worth ₹2,977.86 crore on a net basis, adding to market jitters.
Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan, said the rupee is looking tough right now.