Rupee gains to 95.89 as RBI sells dollars for support
The rupee picked up slightly to 95.89 against the dollar on Wednesday, helped by the RBI stepping in to support it.
Still, it's hovering near a seven-week low after dropping 1.5% recently.
The RBI has been selling dollars to keep the rupee from slipping past the important 96 mark, showing just how tense things are in currency markets right now.
Fed, oil, yields pressure rupee
Everyone's watching for the US Federal Reserve's next move: there's a strong chance it will hike interest rates soon.
At the same time, global oil prices have shot up to $108 per barrel and US Treasury yields are above 5%, both adding extra pressure on the rupee.
As Finrex Treasury Advisors put it, how the RBI handles things around this level is going to be closely watched, with all these global shifts happening.