Rupee falls to 95.28 as analysts say RBI builds reserves
Business
The rupee dipped by 10 paise to 95.28 against the US dollar on Monday, as a stronger global dollar and ongoing U.S.-Iran tensions kept markets on edge.
Analysts say the RBI is more interested in building up India's foreign exchange reserves when money flows in, rather than letting the rupee get much stronger.
Sensex gains as reserves fall $5.654B
While the dollar index edged higher and Brent crude prices slipped a bit, Indian stock markets stayed upbeat: Sensex climbed 281.40 points and Nifty rose nearly 75 points.
However, India's foreign exchange reserves fell sharply by $5.654 billion during the week ended June 26, erasing June's earlier gain and showing how tricky it is for the RBI to keep things steady when global conditions are so unpredictable.