Mint ImageAI Quick ReadThe rupee opened 11 paise weaker at 94.22 against the US dollar on Friday, April 24, as a sustained rally in oil prices renewed pressure on the currency after a brief phase of stability.
The domestic currency has been on a downward trend throughout the week, exhibiting minimal signs of recovery. It has dropped approximately 1.3% to date and is about two major figures below its recent peak of 92.50, underscoring the quick return of selling pressure following a brief relief rally.
Although the steep drop has occurred, the decline has been somewhat moderated. Traders have observed that the Reserve Bank of India is actively intervening in the foreign exchange market, which is helping to prevent a more significant decline in the rupee.
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