Rupee slips to 95.97: Currency hovers near 96 amid oil demand, FPI outflows

In the early trading session, the rupee opened at 95.87 against the US dollar but quickly fell to 95.97. This decline is attributed to strong demand for dollars from oil marketing companies. To curb the rupee's decline below the 96 mark, state-run banks are stepping in. Additionally, foreign portfolio outflows totaling around $2.2 billion this month are further straining the currency.