Indian rupee falls to 93.13 against dollar on U.S.-Iran worries
Business
The Indian rupee slipped to 93.13 against the dollar on Monday, its biggest drop in a week, as investors grew anxious about the U.S.-Iran ceasefire expiring on April 21.
With global tensions rising, overseas investors pulled nearly $20 billion out of Indian markets between March and April, adding more pressure to the currency.
Brent jumps, India's dollar demand surges
Demand for dollars shot up from banks and big companies, while Brent crude prices jumped over 5%.
This combo puts extra strain on India's economy, especially since rising oil prices can make imports costlier.
The central bank is trying to steady things with emergency measures, but analysts say keeping this up could get tough if financial stress continues.