Rupee Slips to Three-Week Low of 95.75 Amid Persistent RBI Interventions
· Business · Economic Times, Reuters, Bloomberg
The Indian rupee closed at a three-week low of 95.75 against the dollar in Mumbai on Wednesday, slipping marginally from its previous close of 95.68. Substantial interventions by the Reserve Bank of India prevented sharper losses for the local currency. The central bank has consistently intervened for nine consecutive trading sessions to arrest currency weakness driven by soaring oil prices. Indian equity indices also declined through the week, reflecting the financial impact of higher energy costs.
Why it matters
Persistent currency weakness and elevated oil prices increase import bills for India, raising financial concerns for consumers, markets, and the broader economy.
Read the original report — Economic Times
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