INR

92.710

United States Dollar

Dollar demand was also felt from oil importers which weighed on the rupee. Crude oil prices have dipped over the last few trading sessions from $116 a barrel to around $108 a barrel on Saudi willing to increase supplies.

This should aid the recovery of the rupee in the next few weeks, due to falling levels of crude. Also, a surge in foreign fund flows into the equity markets following the government's reforms initiatives are also expected to support the rupee.

Meanwhile, equities saw a sharp drop following the withdrawal of support of the Trinamool Congress from the government. The increased level of political uncertainty also weighed on the Indian currency.

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