Rupee opens at ₹96.05, slips 7 paise on US yields
Business
The Indian rupee just opened at ₹96.05 against the US dollar, sliding seven paise from yesterday.
This dip past the 96 mark has people watching closely to see if the Reserve Bank of India (RBI) will jump in to steady things.
The main reasons? Higher US Treasury yields are making dollars more attractive, and rising oil prices aren't helping either.
RBI watches rupee amid oil pressure
US Treasury yields have climbed to 5.24%, pulling investors toward dollars and away from currencies like the rupee.
On top of that, expensive crude oil, thanks to global supply worries, is putting extra pressure on India's currency.
With talk of another US Fed rate hike soon, the RBI is already working behind the scenes to keep things from getting worse.