Rupee opens at ₹95.33 per US dollar amid importer demand
Business
The rupee opened almost unchanged at 95.33 per US dollar on Tuesday, holding just below its last close.
After a recent jump to a one-month high, the currency is now struggling to push higher, thanks to increased demand for dollars from importers.
Indian importers lock dollars, analysts warn
With the rupee's recovery, Indian importers are snapping up dollars to lock in rates for future deals, a move traders say makes sense after recent volatility.
But analysts warn that rising crude oil prices and geopolitical risks could make it tough for the rupee to strengthen much more, since India needs more dollars when energy costs go up.