Rupee falls to a 3-week low of 95.71, raising financial concerns

Mumbai: The Indian rupee closed at a three week low of 95.75 on Wednesday, marginally weaker from its previous close of 95.68, with traders attributing the modest retreat to substantial central bank interventions that prevented further losses for the local monetary unit.

The RBI has consistently intervened for the past nine trading sessions, arresting weakness in the rupee, as oil prices soared. Indian equity indices have also continued to fall through most of last week and this week, reflecting the impact of soaring energy costs.

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