Indian rupee hits record 95.50 per US$1 as oil surges
Business
The Indian rupee just slipped to a record low of 95.50 against the US dollar, mainly because global oil prices are soaring and tensions between the US and Iran are heating up.
Since late February, Brent crude has shot up by 46%, now costing $105.22 per barrel; bad news for India, since we import most of our oil.
Energy price uncertainty clouds Indian economy
The Reserve Bank of India has tried to step in to calm things down but hasn't been able to stop the rupee's slide.
Meanwhile, PM Modi is pushing for work-from-home policies and cutting non-essential imports to save on fuel.
But with energy prices still unpredictable, there's a lot of uncertainty ahead for the economy.