Rupee posts 3rd straight gain to 94.80 after RBI support
The rupee kept up its winning streak on Monday, strengthening by 9 paise in early trade at 94.80 against the US dollar, its third straight day of gains.
This boost comes thanks to the Reserve Bank of India stepping in to support the currency.
Still, traders are keeping an eye on rising crude oil prices, which could slow down any further progress.
Brent $107.79 pressures India's reserves, markets
Brent crude is sitting at $107.79 a barrel due to global tensions, putting pressure on India's foreign-exchange reserves (which dropped by $8.578 billion in the week ended October 9).
Stock markets also took a hit: Sensex fell 470.50 points and Nifty dropped 147.10 points.
On a brighter note, foreign investors returned as net buyers of Indian equities on Friday, hinting that confidence isn't completely lost despite all the ups and downs.