Rupee dips 5 paise as oil prices and foreign outflows weigh
The Indian rupee weakened by 5 paise on Monday, ending the day at 96.30 against the US dollar. This decline came amid rising oil prices and sustained foreign fund outflows, which kept the currency near the crucial 96 level.
Traders noted that while a rise in risk-on sentiment provided some support to the rupee, attention is now shifting to foreign capital flows and the Reserve Bank of India's upcoming monetary policy decision for further direction.
During the day, the rupee opened at 96.20 before slipping to an intraday low of 96.31 against the US dollar. By the end of Monday's trading session, it settled at 96.30, marking a 5 paise drop from its previous close.
The rupee had previously fallen below the psychologically significant 96-per-dollar mark on Thursday, closing at 96.25.