Rupee slips to 95.68 against US dollar as oil rises
Business
The rupee slipped again on Tuesday, dropping to 95.68 against the US dollar after falling on Monday too.
This latest dip comes as global crude oil prices keep rising (Brent crude hit $91.34 a barrel this morning), making US dollars more expensive and putting extra pressure on the rupee.
RBI ends special FX swap facility
Tensions in the Strait of Hormuz are pushing oil prices up, which isn't great news for the rupee.
Plus, the Reserve Bank of India (RBI) just ended a special foreign exchange swap facility early, so fewer US dollars are coming into India right now.
The stock market is feeling it too: Sensex fell 278.32 points and Nifty dropped 57.65 points in early trade, with foreign investors pulling out ₹2,535.10 crore yesterday alone.