Rupee opens 95.89 against US dollar amid Federal Reserve uncertainty
Business
After a rough patch, the Indian rupee finally picked up on Wednesday, opening at 95.89 against the US dollar, a small but welcome gain after weakening for seven consecutive sessions straight.
This slight boost comes just as markets are waiting to see if the US Federal Reserve will hike interest rates.
RBI intervenes amid oil, dollar pressure
Rising crude oil prices (Brent is now at $107.71 a barrel) are making imports costlier for India and pushing up demand for dollars.
Plus, with the US dollar index rising to 99.61, emerging currencies like the rupee are feeling extra heat.
The Reserve Bank of India is stepping in to keep things steady while investors watch for Fed moves that could shake up money flows worldwide.