Indian rupee closes at 90.98 against US dollar
Business
The Indian rupee slipped on Friday, closing at 90.98 against the US dollar—a 0.3% dip on the day and 0.4% for the week.
This slide was mainly blamed on worries about global tensions and investors pulling money out, but the central bank stepped in with dollars to keep it from falling past 91.
Ongoing US-Iran tensions and rising oil prices impact rupee
A stronger US dollar—thanks to upbeat American economic data and tough talk from the Federal Reserve—put extra pressure on the rupee.
Ongoing US-Iran tensions and a bigger American military presence in the Middle East made markets even more jittery, despite President Trump's attempts to calm nerves.
Rising oil prices also played a part in making things tougher for the rupee.