Indian rupee drops 39 paise to 95.23 amid oil spike
Business
The Indian rupee just closed at an all-time low of 95.23 against the US dollar, dropping 39 paise in a single day.
This slide comes as oil prices spike and market jitters grow over ongoing tensions in West Asia, making things tougher for India's economy.
Brent near $110, Indian stocks rally
With Brent crude hovering near $110 a barrel and foreign investors pulling out money, the pressure is piling up on India's finances.
Despite the currency dip, stock markets stayed upbeat: Sensex jumped 355 points, and Nifty rose by 121 points.
Dilip Parmar, Senior Research Analyst, HDFC Securities, summed it up: "If demand for dollars stays high, the rupee could fall even further, keeping economic worries in play."