The Indian rupee fell 0.5% against the dollar due to oil firms' demand, nearly negating RBI's earlier gains.
Rupee dropped 0.5% to 95.76/USD as oil firms' dollar demand and US-Iran escalation overwhelmed Reserve Bank of India's recent support measures. Emerging-market currency weakness, combined with US inflation hitting 3-year high at 4.2%, pressures offshore IT outsourcing and cloud infrastructure costs.
The Indian rupee dropped against the US dollar on Thursday, almost wiping out gains from the
central bank's measures to attract dollar inflows, as weak Asian
cues and persistent dollar demand from oil firms weighed.The rupee opened lower at 95.52 per U.S. dollar and
stayed under pressure since then, with bankers pointing to
sustained dollar demand, particularly from oil companies,
Rupee drops to 95.76 vs USD on dollar demand from oil cos, nearly erases RBI-led gains
Rupee reverses RBI-driven gains, falls 43 paise to 95.61 against US dollar
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The Indian Rupee declined on Thursday, continuing a two-day fall. Weaker Asian currencies and importer hedging impacted the…
The rupee was down 0.1% at 95.7675 per dollar, with trading in Asia thinned out by a clutch of regional holidays
