Rupee falls to 95.70 per US dollar nearing 95 support
The rupee dropped to 95.70 per US dollar this morning, continuing its losing streak as high crude oil prices and foreign investors pulling out have made imports costlier for India.
Even with strong foreign exchange reserves and solid economic growth, analysts say global factors like expensive oil and rising yields are keeping the rupee under pressure, and they are watching closely as it nears the key support level of 95 to the US dollar.
Sensex down 628.24, Nifty down 221.20
Stock markets felt the impact too, with Sensex down by 628.24 points and Nifty dropping 221.20 points in early trade.
Foreign investors sold shares worth ₹438.24 crore on a net basis yesterday, showing their concern about market volatility.
Meanwhile, the US dollar is gaining strength globally, making things even tougher for Indian markets right now.