Rupee slips 7 paise against US dollar as crude soars beyond $90 per barrel levels

On Tuesday morning, the Indian rupee experienced a drop against the US dollar, influenced by rising crude oil prices and persistent demand for dollars. Brent crude futures remained above ninety-one dollars per barrel, amplifying the necessity for dollars. Compounding this issue was the Reserve Bank’s recent closure of a forex-swap facility, which affected inflows. Additionally, domestic equities opened on a low note as foreign investors continued to sell shares.