Rupee falls to 95.28 against the US dollar
The rupee closed at 95.28 against the US dollar on Wednesday, down 21 paise from the previous day. It touched an intraday low of 95.29 during trading. A weaker rupee makes imports such as fuel, electronics and foreign education more expensive for Indian buyers. Exporters may benefit from the fall.
ContextThe rupee's value against the US dollar changes daily with demand and supply in currency markets. India imports large amounts of crude oil, so a weaker rupee raises the cost of fuel and other imports, while the Reserve Bank of India often steps in to manage sharp moves.