Rupee slips to 95.91 per US dollar amid foreign outflows
Business
The rupee slipped again on Wednesday, opening at 95.89 and dropping to 95.91 per US dollar in early trading, mostly because the dollar is strong right now and foreign investors are pulling out funds.
Just yesterday, it closed at 95.88, marking a steady decline since Sept. 4.
Oil and West Asia strain rupee
Since Sept. 4, the rupee has lost over 1% of its value, thanks to rising oil prices and ongoing tensions in West Asia.
Even though Indian stock markets have been doing well (Sensex climbed 240.75 points on Wednesday morning), heavy selling by foreign investors (FIIs offloaded equities worth ₹2,977.86 crore on a net basis on Tuesday) is putting extra pressure on the currency.
Global worries like possible US interest rate hikes and high crude prices aren't helping either.