Commodities & Forex
Rupee slips to 94.92 per dollar as foreign outflows and oil weigh
The dollar index firms near 102 while the yen hits 158.5, a sign of broad dollar strength.
The rupee closed at 94.92 per dollar on Monday (provisional), 3 paise weaker, ending a short winning streak. Dealers pointed to falling Indian shares, continued foreign fund outflows and elevated crude prices.
The dollar was firm against most currencies overnight. The dollar index rose about 0.2% to near 102, the yen weakened to about 158.5 per dollar and the euro slipped to around 1.121. Rising US bond yields are the main support for the dollar right now.
A strong dollar tightens financial conditions worldwide, raising costs for countries and companies that borrow in dollars and pushing down most emerging-market currencies.
A weaker rupee raises the cost of imports such as crude oil, gold and electronics, which feeds inflation. Exporters such as IT services and pharma companies earn more rupees per dollar, which can cushion their results.
Written with AI assistance by TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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