Indian rupee drops to record 96.86 amid oil price surge
Business
The Indian rupee just dropped to a record low of 96.86 against the US dollar Wednesday.
The main reason? Global oil prices have shot up more than 50% since February, and stalled U.S.-Iran talks aren't helping.
Higher oil costs are pushing up inflation and making things tougher for India's economy, with even the stock market feeling the pressure.
Foreign investors pull out over $22bn
To make matters worse, foreign investors have pulled more than $22 billion out of Indian markets since February.
This has dragged the rupee down by 6% since the Iran war began in late February and made it harder for India to balance its payments.
Challenges like pricier imports and rising inflation remain a real concern.