Indian rupee hits 96.1725 per US dollar as oil rises
The Indian rupee just hit a low of 96.1725 to the US dollar, mainly because global tensions are pushing oil prices up.
It opened weaker, slipped further during the day, and is currently trading at 96.16 to the US dollar, its worst showing since May.
For anyone watching the markets, this is a pretty big deal.
President Trump threat lifts Brent crude
Oil prices jumped after US President Trump threatened a 20% "fee" on goods passing through the Strait of Hormuz, sending Brent crude from $79 to $85 a barrel overnight.
Since India imports about 90% of its oil, these price hikes make things tougher, raising inflation and straining government finances.
Radhika Rao, Senior Economist - Executive Director, DBS, Bank, notes that even strong capital inflows haven't been enough to lift optimism for the rupee right now.