Indian rupee closes at record 95.63 to US dollar
The Indian rupee just closed at a record low of 95.63 to the US dollar, after briefly touching 95.75 earlier today, a 5% drop since the West Asia crisis began.
It's now Asia's worst-performing currency this year.
Chief Economic Adviser V Anantha Nageswaran called stopping further rupee decline a top priority for the current fiscal year, highlighting how serious things have gotten.
India sees $23 billion outflows
The conflict in West Asia is making things tough for India, especially with rising oil and gold prices and $23 billion pulled out by foreign investors since the start of the West Asia war.
Add in weaker exports and fewer remittances, and India's balance of payments gap keeps growing.
Economists now expect the current account deficit to cross 2% of GDP in FY27.
Nageswaran says it's time for policymakers to adapt fast as global trade and technology keep shifting.