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Market move▼ Bearish for Indian equities
Rupee edges lower to 96.05 against dollar: What is driving the move
The brief
- The rupee opened above 96 per dollar, at 96.05
- Higher US yields and elevated oil prices pressured the rupee; RBI intervention is expected
- Rupee weakness raises costs for Indian importers, especially oil companies, and pressures inflation
- India-UAE target $200bn bilateral trade by 2032; commit to local currencies, payments, digital initiatives — Check here
- Rupee-dirham trade gains ground as India and UAE target $200 billion
- India forex reserves surge to a record high in September and to provide cover for 11.2 months of goods imports, says RBI
- India's forex reserves fall $14.89 billion to $766 billion
- Rupee and government bonds face pressure as oil rises and Iran diplomacy hopes fade