Rupee inches up to 96.65 amid likely RBI intervention
The rupee edged up to 96.65 against the US dollar on Thursday morning, with likely intervention by the Reserve Bank of India (RBI) helping out.
While that's a small win after closing at 96.75 yesterday, the currency is still feeling the heat from a strong dollar and pricey crude oil.
Sensex falls amid ₹6,121.37cr outflows
Global factors are making things tough: the dollar index is at 102.25, oil is around $102.37 a barrel, and India's foreign exchange reserves have dropped by $50 billion in just three weeks.
Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP, points out that big corporate demand for US dollars and investors looking for safer bets are also shaping how the rupee moves.
Meanwhile, Indian stock markets took a hit too: Sensex fell by 264.97 points as foreign investors pulled out ₹6,121.37 crore, showing just how jittery things are right now.