Rupee slips below 96 per dollar level in early trade
The currency, however, pared losses and traded with a gain of 10 paise following suspected RBI intervention
The Indian rupee slipped below the 96 level against the US dollar for the first time in over two months, opening at 95.88 in early trade on Thursday. The currency depreciated 19 paise, declining from its previous close of 96.10, as investor sentiment remained weak due to global uncertainties. However, the rupee showed signs of recovery, gaining 10 paise later in the day after suspected intervention by the Reserve Bank of India (RBI).
Analysts anticipate high volatility for the rupee, driven by surging crude oil prices around $105 per barrel, the strengthening US dollar, and the Federal Reserve's 25-basis-point rate hike, the first in three years. The dollar index remained stable, while elevated Brent crude oil prices at $105.55 per barrel added pressure to the rupee.
In domestic equities, the Sensex rose by 183.42 points, and the Nifty advanced by 71.45 points. Net outflows from foreign institutional investors amounted to ₹2,032.61 crore on Wednesday.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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