Rupee slides to one-month low as RBI steps into market
The Indian rupee fell 0.2 per cent to 95.79 on Tuesday, near its weakest level in a month, as rising oil prices and expectations of a US rate hike weighed on the currency. Four traders told Reuters that state-run banks were selling dollars, most likely on behalf of the Reserve Bank of India, to curb excessive volatility. Brent crude was up 1.2 per cent at US$106.9 a barrel.