Indian rupee at 94.97 amid oil jump and rising yields
Business
The Indian rupee dipped to 94.97 against the US dollar on Wednesday, just a slight drop from yesterday.
This happened as tensions between the US and Iran heated up, oil prices jumped, and the dollar got stronger thanks to higher US Treasury yields.
Brent crude is now at $95.59 per barrel, mostly because people are worried about possible supply disruptions.
Indian stocks slide, RBI watches rupee
With the dollar index climbing to 99.75 and talk of a Federal Reserve rate hike, Indian stock markets felt the pressure: Sensex fell by 788.52 points and Nifty dropped by 269 points in morning trade.
The Reserve Bank of India is keeping a tab on the rupee's fall as global turmoil continues to shake things up back home.