The Indian rupee slipped beyond the ₹96-per-dollar level during early trading, touching approximately ₹96.08, before recovering to close at ₹95.93. It had ended the previous session at ₹95.9550.
Market participants attributed the recovery partly to portfolio inflows and likely intervention by the Reserve Bank of India, although the RBI did not disclose the scale of any currency-market action.
Pressure on the rupee increased after the US Federal Reserve raised interest rates, while Brent crude remained close to US$105 per barrel. Depreciation can raise the rupee value of money sent home by NRIs, but it also makes overseas education, foreign travel and imported products more expensive.
