Donald Trump orders Strait of Hormuz blockade, Indian rupee falls
Business
The Indian rupee slid to 93.33 against the US dollar on April 4, marking its third straight day of losses.
This drop comes after US President Donald Trump ordered a blockade of the Strait of Hormuz, ramping up tensions with Iran and making global markets jittery.
Higher energy prices weaken Asian currencies
With about 20% of the world's oil and gas passing through the Strait of Hormuz, fears of supply trouble have pushed energy prices higher.
That's put pressure on several Asian currencies, like the Thai baht and Philippine peso, both down 0.74%, while others including the South Korean won and Japanese yen are also slipping.
Meanwhile, investors are flocking to the US dollar as a safer bet right now.