Rupee opens ₹94.22, oil $106, down about 1.3% this week
Business
The rupee opened lower at 94.22 against the US dollar on Friday, April 24, mainly because global oil prices shot up nearly 18% to $106 a barrel.
Even with the Reserve Bank of India stepping in to steady things, the rupee still dropped about 1.3% this week.
Amit Pabari expects rupee 93.50-94.50
On the bright side, India's economy is showing some strength: manufacturing and services activity grew, and foreign investment turned positive at $4.6 billion.
Still, experts say rising oil costs and global market vibes will keep driving where the rupee heads next, with Amit Pabari expecting it to stay between 93.50 and 94.50 for now.