The Indian rupee reached an eight-week low against the dollar on Tuesday. High crude oil prices and safe-haven dollar demand pressured the currency. Overseas investors resumed selling local assets, further weakening the rupee. The Reserve Bank of India intervened to limit the currency's decline. The rupee has depreciated 1.4% in the current fiscal year.
The Indian rupee reached an eight-week low against the dollar on Tuesday. High crude oil prices and safe-haven dollar demand pressured the currency. Overseas investors resumed selling local assets, further weakening the rupee. The Reserve Bank of India intervened to limit the currency's decline. The rupee has depreciated 1.4% in the current fiscal year.
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