Indian rupee falls after Brent crude rally amid U.S.-Iran tensions
Business
The Indian rupee just had its biggest single-day fall in a month, ending Wednesday at 95.56 per US dollar.
This slip came after Brent crude oil prices shot up over 3%, thanks to renewed tensions between the US and Iran, which made global markets jittery.
RBI urges foreign currency inflows
With India importing nearly 90% of its oil, pricier crude means more pressure on inflation and the country's finances.
The rupee was Asia's worst performer today, while government bond yields also climbed.
The Reserve Bank of India (RBI) is trying to help by encouraging more foreign currency inflows (analysts say this could bring in $50 billion to $60 billion), but ongoing global uncertainty and a stronger US dollar may keep things tough for the rupee going forward.