Indian rupee 96.16 lowest since May after 9% oil jump
Business
The Indian rupee just slipped to 96.16 to the US dollar, its lowest since May.
This happened after oil prices jumped 9% and investors rushed to the US dollar for safety, thanks to fresh tensions between the US and Iran.
India imports over 85% crude oil
India relies on imports for over 85% of its crude oil, so when global prices spike, the rupee takes a hit.
Experts say this heavy dependence makes our economy pretty sensitive to world events, especially when things get shaky in places like the Strait of Hormuz.
Brent crude tops $86 a barrel
Brent crude soared past $86 a barrel as fears of supply disruptions grew.
With talk of new shipping fees and rising instability, market watchers like Peter McGuire warn that Brent might cross $90 soon if tensions keep escalating.