Indian rupee drops to ₹94.90 after Trump rejects Iran response
Business
The Indian rupee just dropped to ₹94.90 against the US dollar, mainly because global oil prices spiked after US President Trump rejected Iran's peace response, stirring up fresh tensions.
With Brent crude now over $105 a barrel, the rupee is feeling the heat.
Rupee weak as reserves drop $7.8B
The rupee tried to bounce back but stayed weak thanks to foreign investors pulling money out and a stronger US dollar worldwide.
India's foreign exchange reserves also dipped by $7.8 billion during the week ended May 1.
On top of that, stock markets took a hit (Sensex fell 810 points and Nifty was down 225) as worries about global stability grew.
All this adds up to more pressure on India's economy and wallets here at home.