Rupee Takes a Tumble as FCNR(B) Dreams Fade Away

The rupee is having a rough week, slipping over 1% against the dollar! After a little boost from the RBI, it’s now struggling due to rising oil prices and lukewarm interest in FCNR(B) deposits. Bankers are trying to get non-resident Indians excited, but it’s like cheering for a team that’s not scoring!