Rupee falls to 95.23 per US dollar for 3rd day
The rupee dropped for the third straight day, ending Wednesday at 95.23 per US dollar, a fall of 67 paise.
This slide comes as the US dollar gets stronger and other Asian currencies weaken, making things a bit tougher for the rupee.
Ongoing capital outflows and worries about crossing the key 95 mark are adding to the pressure.
Foreign investors withdraw ₹2,556.75cr from stocks
The rupee traded between 94.60 and 95.29 during the day after a small dip on Tuesday.
Dilip Parmar, Research Analyst, HDFC Securities explained that short covering and a strong dollar are driving this decline, with resistance seen at 95.80 and support at 94.60 for now.
Meanwhile, global oil prices dipped slightly, India's Sensex jumped over 440 points, but foreign investors pulled out ₹2,556.75 crore from stocks, showing money is still flowing out of Indian markets this week.