Indian rupee closes at 94.54 1-month low vs US dollar
The Indian rupee just slipped to a one-month low against the US dollar, closing at 94.54 on Wednesday.
This drop is mostly thanks to global oil prices shooting up and foreign investors pulling money out of Indian stocks.
The rupee even touched 94.5750 during the day, showing how much outside events are shaking things up.
RBI seeks offshore rupee trade details
Oil prices have jumped past $110 a barrel as U.S.-Iran tensions rise, putting more pressure on the rupee.
Foreign portfolio investors pulled out $223 million from Indian markets just on Tuesday, with total outflows this year topping $19 billion: numbers that Amit Pabari of CR Forex Advisors called "No drama, no headlines just steady pressure,".
To help steady things, the Reserve Bank of India has asked banks for more information on their offshore rupee trades, a move aimed at keeping things transparent and under control.