Rupee falls to ₹96.41 against US dollar amid oil, yields
Business
The Indian rupee dropped to 96.41 against the US dollar on Tuesday (October 6), mainly because of rising oil prices and higher US Treasury yields making the dollar more attractive.
With the rupee under pressure, everyone's watching to see if the Reserve Bank of India (RBI) will step in to keep things steady.
Bank trader: rupee may hit 97
If this trend continues, a bank currency trader said the rupee could fall even further, possibly hitting 97 per US dollar.
That would mean pricier imports like fuel, as well as bigger bills for anyone planning trips abroad or paying for overseas education.
For now, RBI is focused on calming market swings rather than locking in a specific exchange rate.