Indian rupee hits 96.8650 per dollar amid US Iran tensions
Business
The Indian rupee just hit a record low of 96.8650 against the US dollar this Wednesday, dropping nearly 6% since late February.
What's behind the slide? Rising tensions between the US and Iran, plus soaring crude oil prices, are putting extra pressure on emerging-market currencies like ours.
India markets tumble amid inflation worries
With energy prices spiking and less foreign money coming into India, inflation worries are growing.
A weaker rupee makes imports more expensive, so things like fuel and gadgets could cost more soon.
Meanwhile, Indian stock markets took a hit too: Sensex dropped more than 500 points and Nifty fell by 152 points as global investors pulled out billions from Indian stocks and bonds.