Indian rupee falls to 94.10 per dollar as oil surges
Business
The Indian rupee just dropped for the fourth day in a row, closing at 94.10 per US dollar, its longest losing streak since mid-January.
The main reason? Oil prices have soared near 15% this week, now topping $100 a barrel, thanks to stalled peace talks between the US and Iran.
Indian markets dip, private sector recovers
Rising energy costs hit Indian markets hard: the Nifty 50 index fell by 0.8%, and regional stocks also took a dip.
Tensions are up after Iran seized two ships in a key shipping route.
Still, there's a silver lining: survey data show India's private sector is bouncing back in both manufacturing and services this April.
Businesses brace, RBI monitors oil trends
According to HSBC's Pranjul Bhandari, businesses are preparing for higher prices ahead.
The Reserve Bank of India is keeping an eye on oil trends.