Rupee opens at 96.71, gains 10 paise as banks intervene
The Indian rupee opened at 96.71 against the US dollar on Thursday, gaining 10 paise from the previous close as global factors like a strong dollar and pricey crude oil put on the pressure.
Experts say state-run banks stepped in to help keep things steady after initial demand for dollars from corporate importers.
Foreign investors sell ₹6,121.37cr in shares
The rupee's moves come as India's foreign exchange reserves have dropped by $50 billion since September, and foreign investors are still pulling money out.
Meanwhile, global oil prices jumped over 2% due to supply worries.
The stock market felt the heat too: Sensex dropped 264.97 points and Nifty slid by 87.50 points in early trading, with foreign investors selling off ₹6,121.37 crore in shares, showing just how jumpy things are right now.