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The rupee slumped below the psychologically important 96 per dollar mark on Thursday to close at 96.31 (provisional) against the US dollar, the lowest level in more than two
Indian companies could find it cheaper to raise funds in US dollars after a series of foreign-exchange swaps conducted by the Reserve Bank
The rupee fall against the dollar is because of many factors; one major reason is FII outflows from Indian equities, as foreign investors move funds to safer assets amid global uncertainty. When foreign investors pull money out of Indian markets, the demand for dollars rises, putting pressure on the rupee.