Rupee plunges past 95 per dollar marking worst annual fall in 14 years

Oil buyers demand dollars, pushing rupee to record lows

The Indian rupee slid past 95 per dollar, recording its steepest annual fall in 14 years. After a brief early recovery, strong dollar demand from oil companies and importers drove the currency to fresh lows, while RBI intervention helped it end at about 94. The pressure has been especially heavy over the past month.