From The Economic Times · Reuters · · 1m
Rupee Weakens for Third Session
Indian rupee drops as importers boost dollar bids and foreign outflows rise.
In brief
Indian rupee drops as importers boost dollar bids and foreign outflows rise. The Indian rupee weakened for the third session due to increased dollar demand from importers and foreign outflows, falling 0.3% to 95.1850. Originally reported by The Economic Times.
Rupee Weakens for Third Session
The Indian rupee declined for the third consecutive trading session on Monday as importers stepped up dollar purchases.
Rupee Ends at 95.1850
It closed at 95.1850, down 0.3% for the day, having fallen 0.8% in three sessions.
Oil Prices Rise
Benchmark Brent crude jumped for a third straight week, rising 13% on supply concerns from Houthi attacks on Saudi Arabia.
Import Bill Pressures
Higher oil prices could widen India's import bill, stoke inflation, and weigh on rupee sentiment.
Foreign Investors Sell
Foreign investors net sold Indian equities worth nearly $5 billion in October, following $3.75 billion in September.
RBI Support Fades
The rupee found recent support from RBI dollar sales and Jio Platforms IPO inflows but lacks such backing on Monday.
The short version
The Indian rupee weakened for the third session due to increased dollar demand from importers and foreign outflows, falling 0.3% to 95.1850.
