Indian rupee falls to record 95.86 against US dollar
The Indian rupee just hit a record low of 95.86 against the US dollar, marking its third straight trading session at a record low.
It's dropped 1.4% this week alone, with new lows every day since Tuesday.
Brent near $106, foreign outflows ₹4,700cr
Rising crude oil prices and foreign investors pulling money out are making things tough for the rupee: Brent crude is around $106 a barrel, and ₹4,700 crore worth of stocks were sold by foreign investors on Wednesday.
This weaker rupee means imported goods are getting pricier for everyone. "From jewelry showrooms to fuel stations, every imported commodity is now carrying a heavier price tag, and the rupee is feeling the weight of it," CR Forex Advisors MD Amit Pabari said.
Global uncertainty around Iran and ongoing U.S.-China talks could keep markets on edge for now.