Rupee opens at ₹96.41 against US dollar after RBI intervention
Business
The Indian rupee opened slightly higher at 96.41 against the US dollar today, bouncing back a little after dipping below 96.50 for the first time in two months.
This small recovery was thanks to the Reserve Bank of India stepping in to calm things down, but overall, the rupee is still feeling the heat from rising demand for dollars and expensive oil.
Brent crude surge pressures Indian rupee
Crude oil prices shot up recently (Brent crude touched above $91 before settling at around $88.50), which isn't great news for India since we import a lot of oil.
On top of that, growing tensions in the Middle East (especially between the US and Iran) have people worried about energy supplies worldwide.
All this means more challenges ahead for the rupee, especially if these trends stick around.