Indian rupee dips to 94.81 after UAE announced OPEC exit
Business
The Indian rupee dropped to 94.81 against the US dollar on Wednesday, mainly because global oil prices were rising after the UAE announced it is leaving OPEC from May 1.
This move has everyone a bit anxious about future oil supplies, even as Brent crude prices saw only a tiny dip to $111.03 per barrel, down 0.21%.
Markets open higher despite ₹2,100cr outflows
Interestingly, India's stock market started strong despite the weaker rupee; Sensex and Nifty both opened higher.
Still, foreign investors pulled out over ₹2,100 crore on Tuesday.
On top of that, India's industrial production growth hit a five-month low in March, mostly thanks to the sluggish manufacturing and power sectors; another sign of how global issues are hitting home.