Indian rupee closes 94.83 per US dollar amid global tensions
On April 1, India's currency and bond markets took a break for a local holiday, but stock trading stayed open.
The big story: the rupee recorded a closing low of 94.83 against the US dollar, briefly crossing 95.22 intraday before bouncing back a bit.
This drop is mostly tied to global tensions and rising oil prices, which are making things tough for emerging economies like India.
RBI imposes $100m cap on banks
To keep things from getting out of hand, the Reserve Bank of India has capped banks' net open positions at $100 million, with compliance due by April 10.
The RBI may also step in directly if needed.
Meanwhile, State Bank of India thinks it's time to use the country's large foreign exchange reserves as backup.
Despite all this turbulence, officials say India's economic fundamentals are still solid and they're keeping a close eye on both local and global shifts.