Indian rupee drops to ₹91.94 per US dollar
The rupee dropped 14 paise to ₹91.94 per US dollar on Wednesday, after some wild swings in the market.
The Reserve Bank of India (RBI) jumped in to steady things by selling dollars and buying rupees.
Why a weaker rupee is a concern for India
When the rupee weakens, India's oil imports get pricier, meaning higher fuel costs and more inflation for everyone.
This also puts extra stress on the government's budget, so officials are keeping a close eye on the situation.
RBI's role in stabilizing the rupee
Global uncertainty is making things tricky: even though oil prices dipped below $100 a barrel after an international reserve release plan, supply risks remain due to tensions near key shipping routes like the Strait of Hormuz.
The RBI has been working overtime lately to keep the currency from sliding further amid these global pressures.