Rupee slips to 95.7350 on Tuesday as RBI likely intervenes
Business
The Indian rupee faced some heat on Tuesday, slipping a bit against the US dollar thanks to rising oil prices and higher demand from companies needing dollars.
To keep things in check, the Reserve Bank of India (RBI) likely jumped into action, helping the rupee remain at 95.7350 to the US dollar, just a touch higher than on Monday.
State-run banks sold dollars Tuesday
For two weeks now, the rupee has hovered between ₹95.50 and ₹96.00, mainly because the RBI has likely been stepping in whenever things get shaky.
On Tuesday, state-run banks sold dollars (likely for the RBI) to calm down any wild swings, especially with global markets feeling jittery over pricier oil and tensions abroad.