Rupee hovers near 96 as oil stays above $100 per barrel, foreign selling persists

The rupee started off on a weaker note against the US dollar due to soaring crude oil prices and foreign investors selling off. In response, the Reserve Bank of India is stepping in to curb volatile changes, as forex reserves dwindle. Market analysts anticipate a possible interest rate increase following the upcoming monetary policy meeting, while the dollar index remains robust.

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