Times of IndiaLean R·
OMCs back in foreign exchange market? Spike in $ demand raises buzz
The Indian rupee weakened against the dollar, closing at 95.4, as oil marketing companies reportedly resumed significant dollar purchases for upcoming crude oil imports. This renewed demand for dollars, despite positive global sentiment for Asian currencies and lower oil prices, has raised concerns about rupee volatility. Experts anticipate a potential return to stronger rupee levels once this temporary dollar demand subsides.
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