Rupee weakens to 95.44 against dollar amid rising import bill and crude oil prices

The Indian rupee declined further against the US dollar today. Rising Brent crude oil prices and foreign equity outflows pressured the local currency. This marks the third consecutive day of significant depreciation for the rupee. The Reserve Bank of India intervened by conducting dollar-rupee sell-buy swaps. These actions aimed to absorb excess liquidity from the inter-bank system.